The budget outlines the City's plan for achieving goals, objectives, and service delivery levels desired by the Mayor and City Council. It is a financial plan consisting of an estimate of proposed expenditures, the proposed means of financing, and the goals and objectives of the expenditures for a given time period, usually one year (July 1 - June 30).
In addition to traditional budget development, the budget function includes coordination of the City's performance measurement efforts, management analysis, expenditure forecasting, research on innovative local government budget and management practices, creation of the Popular Annual Financial Report (PAFR), and coordination of external agency funding.
The Government Finance Officers Association awarded the City's FY 2020-21 budget the Distinguished Budget Presentation Award. This national award is the highest award in government budgeting, recognizing those cities that have prepared exemplary budgets that serve as a policy document, financial plan, operations guide, and a communications device. Only a small percentage of North Carolina municipalities received this award. Receipt of the award for the FY 2020-21 budget marks the nineteenth consecutive year the City has been awarded this recognition.