Financial Reports & Documents
Current Financial Reports
The budget process is a biennial function that begins in May and is established for a two-year fiscal period (Jan-Dec) beginning in odd numbered years. The City of Poulsbo adopted its first Biennial Budget for Budget Years of 2017-2018.
The Mayor, City Council and departments work dilligently to develop a budget in accordance with laws governing the process taking into account the City’s goals, vision and priorities. Many public presentations, hearings and meetings are held to create a final working budget for the upcoming fiscal biennium.
COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) DoCUMENTS
Each year, the Finance Department produces a Comprehensive Annual Financial Report (CAFR) for the fiscal year ending December 31. Starting in 2001, and every year since, the City has won the Government Finance Officers Association’s “Certificate of Achievement for Excellence in Financial Reporting”, the highest achievement for government reporting.
CITY IMPROVEMENT PLAN (CIP) DOCUMENTS
The State of Washington Growth Management Act of 1990 (GMA) requires the City of Poulsbo develop a Comprehensive Plan that contains land use, housing, capital facilities, utilities, public facilities and transportation elements. The City Improvement Plan (CIP) is the document that communicates the City’s plan for capital construction and purchases for a six-year period as required by the GMA. By City policy, a capital project is defined as a project of a non-recurring nature with a cost not less that $15,000 and an estimated life not less than 10 years.
The CIP is updated as an initial step in the budget process. Projects are prioritized by the department and working Council committees. The CIP as a whole is then reviewed by the City Council with funding options established.