Financial Reporting

City Budget Information

Operating a city size of Worthington is a big business that demands  substantial resources to provide services for our citizens. Its our goal to provide the best police, fire department, parks, recreation, streets, utilities, auditorium and campground services possible within a budget that takes into account the community's willingness and ability to pay for services. We are using people's hard earned money to provide services for the common good. We bear in mind as we make these budgets and administer them from year to year. 

The budget process begins in May/June each year with City Council and staff setting future goals. During the months of June and July departments are asked to project actual revenue and expenditures for the current year and propose revenues and expenditures for the upcoming year. Council and staff conduct work sessions to finalize budget estimates. The Finance Department then uses these estimates to prepare a balance budget document which reflects the expected level of activity for the next fiscal year. A public hearing is held, and the City Council adopts the budget in December. The new budget year begins on January 1st.

The Budget Summary for the City of Worthington depicts the beginning fund balance, a summary of revenues and expenditures, and a projected fund balance for each of the City's budgeted funds. The revenues and expenditures encompass all activity other than use of or increase in reserves. For all governmental funds (general, special revenue, debt service and capital projects), the City uses reserves to the extent expenditures exceed revenues.

The Combined Statement of Revenues, Expenditures and Changes in Equity- all funds. This schedule shows all revenues and expenditures for the budget founds for the City other than uses and increases to reserves. 

 The Fund Type Summary for the City of Worthington depicts a summary of revenues and other sources, expenditures and other uses and overall change in Fund Balance by fund type. Summaries are provided for the following fund types: General Fund, Special Revenue Funds, Debt Service Funds, Capital Project Funds, Enterprise Funds, Internal Service Funds and Expendable Trust Funds.

 

Capital Improvement Plan

The city has a five-year plan for the capital needs of the City. It includes both the resources and the uses of money to fund the capital projects. A capital project is defined as an expenditure which results in the acquisition or replacement of a fixed asset that has a useful life of more than a year and costing $5,000 or more. This program is updated annual along with the operating fund budgets and is included in the Council Resolution for the Approval of the Fund Budgets for the City of Worthington.

 

Annual Comprehensive Financial Report (ACFR)

The city conducts an annual audit every year of its past year's financial condition, which is outlined in the Annual Comprehensive Financial Report. This report provides both the summary and detailed overview of the city's financial audit and the annual financial report that is created after each year's audit process. Auditors then present an overview of the audit process, audit results and trend information each year at City Council meeting, typically in May or June.