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CITY OF URBANA, ILLINOIS FINANCE DEPARTMENTMEMORANDUM TO:Mayor Prussing and City Council MembersFROM:Elizabeth Hannan, Finance DirectorDATE:October 6, 2016SUBJECT:FY2017 Budget Amendment Capital Improvement
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The proposed budget would close refers to a financial plan outlining expected revenues and expenditures that an entity submits for approval, detailing how resources will be allocated during a specific period.
Entities such as municipalities, school districts, and non-profit organizations that are planning their financial operations for the upcoming fiscal year are typically required to file a proposed budget would close.
To fill out a proposed budget would close, begin by gathering financial data, then list expected revenues, categorize expenditures, estimate cash flow, and provide justifications for each budget item before submitting it for review.
The purpose of a proposed budget would close is to provide a clear financial plan for the upcoming period, ensure accountability in spending, and serve as a tool for resource allocation and financial management.
The information that must be reported includes detailed estimates of revenues, itemized expected expenditures, any anticipated deficits or surpluses, and explanations or justifications for significant changes from previous budgets.
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