Budget
The Town of Simla’s budget is a financial plan for the annual public operations for the Town. The annual budget is a balanced budget, which means that planned expenditures do not exceed the total of revenues plus other available funds, such as fund balances.
Key Budget Dates
- January 1st - Start of budget year
- January 31st - A certified copy of the adopted budget must be filed with the Division. (CRS 29-1-113(1)).Budget officer must submit proposed budget to the governing body (CRS 29-1-105)
- October 15 - Budget officer must submit proposed budget to the governing body (CRS 29-1-105). Governing body must publish “Notice of Budget” upon receiving proposed budget (CRS 29-1-106(1)).
- December 31st - Local governments not levying a property tax must adopt the budget on or before this date; governing body must enact a resolution or ordinance to appropriate funds for the ensuing fiscal year. If the budget is not adopted by certification deadline, then 90 percent of the amounts appropriated in the current year for operations and maintenance expenses shall be deemed re-appropriated for the budget year (CRS 29-1-108(4)
Yearly Budget Package
Audit
State of Colorado law requires that all general-purpose local governments publish, within six months of the close of each fiscal year, a complete set of financial statements presented in conformity with generally accepted accounting principles in the united states and audited in accordance with generally accepted auditing standards by a firm of licensed certificated public accounts. The result is an annual financial report.
Key Audit Dates
June 30th - Deadline for auditor to submit audit report to local government governing body (CRS 29-1-606(a)(1).Deadline for submitting annual audit report to the Office of the State Auditor (CRS 29-1-606(3)). Deadline for request for extension of audit (CRS 29-1-606(4))
July 31st - Deadline for submitting annual audit report to the Office of the State Auditor (CRS 29-1-606(3). Deadline for request for extension of audit (CRS 29-1-606(4))
- If an audit is required but has not been filed, the county treasurer may be authorized to withhold the local government’s tax revenue.