The City of Bridgeport uses different funds to account for the various programs and services that it provides. This fund accounting system allows the city to assign specific revenue sources to specific programs.
The city budget contains several different funds with the largest being the General Fund, which is used for general government services that do not need to be accounted for separately. Examples of general government services are police protection, fire protection, street maintenance, park maintenance, and administrative services.
The city begins its budget planning each spring when departments submit requests for the upcoming fiscal year. The requests are based on the programs and priorities that the City Council has discussed or committed to in the past. A recommended budget is formed based on the projected revenue and submitted to the citizens and the City Council. After input from the public and staff, the council has the opportunity to revise the budget to conform to its objectives.
Once adopted, the budget takes effect on the first day of the fiscal year (October 1), and any major change must be approved by the City Council. Copies of the budget are available for review or purchase in the Financial Services Department.
The city's financial statements are reviewed each year by an independent auditing firm. The firm performs tests on various transactions to verify that the statements accurately reflect the financial condition of the city. Copies of the most recent audited financial report are available for review or purchase in the Financial Services Department.