The budget has been structured and prepared using the guidelines of the Governmental Finance Officers Association (GFOA). Two sources, Governmental Accounting, Auditing and Financial Reporting (GAAFR) and the Governmental Accounting Standards Board (GASB) guide the financial reporting and annual budget process. The Town of Frederick prepares its budget on a calendar year basis as required by state statute. The budget must be balanced or show a revenue surplus. "Balanced budget" is defined as "a balance between total estimated expenditures and total anticipated revenues, including surpluses." This means that the appropriated expenditures cannot exceed the sum of the revenues and beginning fund balance. The Town of Frederick’s definition of a "Balanced Budget" does comply with the statutory requirements for the State of Colorado located in C.R.S. 29-1-103 (2).
The Town of Frederick is committed to transparency and community involvement in its budgetary decisions. To uphold this commitment, the Board of Trustees is hosting public hearings for the proposed fiscal year 2024 budget on Tuesday, November 14, 2023, and Tuesday, December 12, 2023, at 7 pm in the Board Chambers at Town Hall (401 Locust St.). These hearings serve as a platform for residents to voice their concerns, ask questions, and contribute suggestions to shape the Town's financial plan for the upcoming year. We make it easy for residents to access the budget proposal! Starting Tuesday, November 7, 2023, you can find the proposed 2024 budget on the Town's website. If you prefer a physical copy, you can also view it at Town Hall or Administrative Services (311 Fifth St.). The December 12, 2023, meeting will be crucial as it marks the budget adoption and mill levy certification. Your presence at this meeting ensures your voice is heard before the budget becomes official. We value your participation and input in shaping the Town's fiscal priorities!