The Finance Department assists the City Manager in preparing a comprehensive annual budget. Included in the annual budget are the following funds: General Fund, Major and Local Streets Funds, Sewer & Water Operating Funds, Capital Improvement Fund, Debt Service Funds, along with other smaller special revenue funds and one permanent fund. The budget is approved annually by the Portage City Council at the second meeting in May.
The City of Portage has been awarded the Distinguished Budget Presentation Award by the Government Finance Officers Association (GFOA) for more than 30 years. To receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device.
The purpose of the Capital Improvement Plan (CIP) is to forecast and match projected revenues and capital needs over a six-year period. Long-range capital planning is an important management tool that strengthens the linkages between community infrastructure needs and the financial capacity of the city. The CIP is included in the annual budget and therefore approved by the City Council at the second meeting in May.
An Annual Comprehensive Financial Report (ACFR) is a set of financial statements comprising the financial report of a state, municipal, or other governmental entity that complies with the accounting requirements promulgated by the Governmental Accounting Standards Board (GASB). GASB provides standards for the content of an ACFR in its annually updated publication Codification of Governmental Accounting and Financial Reporting Standards. The City of Portage has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the GFOA for more than 30 years.
The Popular Annual Financial Report (PAFR) is an annual comprehensive financial report that is specifically designed to be readily accessible and easily understandable to anyone without a background in public finance. The City of Portage has been awarded Outstanding Achievement in Popular Annual Financial Reporting by the GFOA.
In 2017, the Protecting Local Government Retirement and Benefits Act (Public Act 202 of 2017) was signed into law in Michigan. The legislation implemented recommendations from the Responsible Retirement Reform Task Force on addressing unfunded pension and retiree health care liabilities (OPEB) of local governments in Michigan.