Council is required to have an approved budget on or before the July Council meeting for the fiscal year that begins on October 1st of each year. The Annual Budget is a balanced budget that reports revenues and expenditures, the holiday schedule for the fiscal year, and narratives summarizing expenditure and revenue categories. 

Additional contracts and revenue are frequently secured after Council adopts its annual budget, which necessitates a budget amendment. The amended budget is typically taken to Council in April or May.