Lafayette's Budget is produced annually and serves as the foundation for the City's financial near-term planning. The level of budgetary control is established at the Fund level. Council may approve supplemental appropriations to the Budget throughout the year as opportunities or challenges arise, and the City Administrator may re-allocate budget line items between departments within the same Fund.
Lafayette's annual Budget process begins in June. The process is shepherded by the Budget Team, which includes the City and Deputy City Administrators, Finance Director, Accounting Manager, Senior Accountant, and Public Information Officer. Department heads submit their initial funding requests in July, which are to align with Council strategic priorities that are developed earlier in the year. The proposed Budget is presented to Council and residents in September and October before it is adopted by Ordinance in November.
VIEW this video to learn about the City's budget process
The Comprehensive Annual Financial Report (CAFR) is the City's annual financial report. This report is prepared in conformity with Generally Accepted Accounting Principles (GAAP) and is audited by an independent third party. State law requires that local governments issue audited financial statements by July 31 for the previous calendar year, with extensions available by request through September 30.