Audit Report 12-07, Interfund Transfers, Released

This notice is archived content and this information may no longer be accurate.
The Internal Audit Department released their audit report of the Interfund Transfers.

The City of Tampa’s Budget Office is responsible for developing for approval the annual budget. The budget process commences in January/February with the Budget Office preparing the revenue estimates. During the months of March, April, and May the departments assisted by their Budget Office fiscal team prepares both the annual operating budget and the five-year capital improvement plan. The administration uses the months of May, June, and July to make final budgetary decisions. The Mayor presents his/her budget to City Council at least 45 days prior to the end of the fiscal year as required by City Charter. City Council holds two public hearings as required by Florida statutes and adopts the City’s budget prior to the end of September of each fiscal year. Finally, the adopted budget in the Advanced Budget Preparation System (BREP) is loaded into the Financial Accounting and Management Information System (FAMIS) to establish appropriations for the new fiscal year.

Most City revenues are expended from the funds where they were budgeted and received. However, it is sometimes necessary to transfer a portion of appropriations to another fund or funds for some special purpose. This realignment of funds is done by appropriating “inter-fund transfers.” If inter-fund transfers are known at the time, they are appropriated as part of the annual budget. If transfers are needed mid-year or needed for non-annually budgeted funds, they can be appropriated by means of a City Council approved financial resolution.