City of Farmington Budget and Audit Report 2007
1. Budget
The City of Farmington operates on an October through September fiscal year. The budget process begins in June of each year and ends with the adoption of the upcoming fiscal year’s budget in September. The following is a summary of the schedule used to prepare the City of Farmington's annual budget. June- Distribution of departmental budget worksheets.
July- Review of requests with department heads. Preparation of revenue projections. Preparation of expenditure projections. Meet and confer with employee unions. August- Initial discussion with Administrative Committee regarding priorities and salary increases. Tax rate hearing notice published two times. Tax rate hearing and adoption of tax rate at the regular City Council meeting. September- City Council review and discussion of proposed budget. City Council adoption of the budget.
The budget is continuously monitored throughout the year.
The City of Farmington Budget may be viewed on-line using Adobe Acrobat Reader. If you do not have this software on your PC, you candownload a copy by clicking on the “Get Adobe” button below. Follow the instructions for downloading and installing the software. *Attach Budget Report
-The City of Farmington hires an outside, independent auditor to audit the financial statements at the close of each fiscal year. The latest audit is available for viewing on-line using Adobe Acrobat Reader. If you do not have this software on your PC, you can download a copy by clicking on the “Get Adobe” button below. Follow the instructions for downloading and installing the software.
3. Tax Information
Sales tax is imposed on retail sales and leases of tangible personal property items and certain taxable services. The tax rate in the City of Farmington is currently 7.475%. Effective October 1, 2007 this rate will increase to 7.975% due to the addition of a 0.5% capital improvement sales tax. Where do your sales tax dollars go? For every $1,000 spent on retail goods, there is a sales tax of $74.75, which is distributed as follows:
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