Finance
Budget Committee
As defined by public law, the budget committee is an advisory group comprised of the City Council and an equal number of appointed members from the community. The appointed members of the budget committee serve for staggered three-year terms.
The budget committee conducts public meetings to hear the budget message and review the budget proposed by the budget officer in April of each year. One of its most important functions is to listen to comments and questions from interested citizens and consider their input while deliberating on the budget. The budget committee can revise the proposed budget to reflect changes as it considers input from the community providing that the revisions still produce a balanced budget. When the committee is satisfied it approves the budget along with the tax rate or levy for each fund.
Annual City Budget
The City of Maywood Park budget is the financial plan for the upcoming fiscal year, a policy document to direct actions, and a goal attainment plan to implement the goals of the City Council and our community. The fiscal year for the City begins on July 1st and concludes on the following June 30th of each year. The Budget Committee meets in April each year to consider and approve a proposed budget, which they then forward to the City Council for their consideration and adoption in mid-June.
Annual Comprehensive Financial Report (ACFR)
The ACRF is the City’s presentation of its financial statements for external reporting purposes and facilitates the monitoring and accountability responsibilities of the City Council for oversight of the City’s fiscal affairs. The Report of Independent Certified Public Accountants is included in the ACFR.