A Budgeting Guide for Local Government: The City of Rock Hill Budgetary Funds

A Budgeting Guide for Local Government: The City of Rock Hill Budgetary Funds

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The City of Rock Hill has multiple budgetary funds. They have reported up to nine individual governmental funds, which include General Fund, SW TIF Fund, Street Bond Fund, and Capital Projects Fund (City of Rock Hill 2013, 6). The city also maintains other funds that are combined into one single fund called “other governmental funds,” which makes it easier to budget (City of Rock Hill 2013, 6). Within the other governmental fund category are the Police Training Fund, Asset Forfeiture Fund, Sewer Lateral Fund, McKnight Crossing TIF Fund, and the NW TIF Fund (City of Rock Hill 2013, 51). All of these funds make up the City of Rock Hill’s major and nonmajor funds. According to Bland, the City of Rock Hill is following the proper procedures, when it comes to governmental budgeting. The City of Rock Hill follows the generally accepted accounting principles (GAAP), which Bland states help standardized the governmental accounting profession (Bland, 107). As a lot of the of funds mention by Bland have different titles than Rock Hill’s funds, they operate in the same way. The cities Capital Project Fund increased by $252,940, and the SW TIF fund increased by $89,354(City of Rock Hill 2013, 10). Overall the cities combined fund balance decreased 28% or $1,237,418 from 2012, which the city said they could spend at their discretion (City of Rock Hill 2013, 10).
The financial status of the General Fund and the Street Fund seem to be in descent shape. The General Fund has a balance of $2,147,373. The General Fund was mention in the transmittal letter, which the city administrator and treasurer both stated that they hope to keep the fund at 25% of the operating expenditures to help prevent the city from any adverse economic conditi...

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...Annual Financial Report.” . http://www.rockhillmo.net/uploads/Departments/CAFR%202013.pdf. (December 8, 2013).

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DOE. 2013. “ Effectively Managing Large-Scale IT Projects.” http://technology.performance.gov/initiative/effectively-managing-large-scale-it- projects/agency/energy. (December 8, 2013).

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DOE. 2013. “Increase Reliability of Financial Information.” http://finance.performance.gov/initiative/increase-reliability/agency/energy. (December 8, 2013).

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