City of Wahoo Budgets and Audits
The City of Wahoo operates on a fiscal year that begins on October 1, and ends September 30. Each year the City begins preparation on the upcoming fiscal year budget in June and wraps up the budgeting process following the public hearing and adoption of the budget in September. Following adoption, the City must submit the budget to the State Auditor's Office who ensure compliance with all state laws.
Each year the City adopts not only the budget which allocates how money will be spent across the various operations of the City, they also adopt a resolution that sets the property tax rate and dollar ask for the upcoming year. The County Assessor establishes values, the City (and other taxing entities) set their tax rates, and then in November, the County Treasurer sends out a notice to all property owners of the amount of property tax that is owed. When property taxes are paid at the County Treasurer's office either in person or through escrow, the County calculates the amount due to the City, and remits that the following month.
In addition to property taxes, the City uses local option sales tax, various allocations from the State of Nebraska (such as Highway Allocation and Motor Vehicle Fees), occupation taxes, and fees for products and services provided. Property taxes typically account for less than 20% of the City's annual budget.
Each year, following the close of a fiscal year, the City must hire an outside accounting firm to review financial transactions and obligations of the City to create an audit document for the fiscal year. The audit is then submitted to the State Auditor's Office for review.