Term
Budget
A formal plan for how the City expects to receive and spend money during a fixed period (the fiscal year, July 1 through June 30).
A budget is really two lists: the money the City expects to collect (revenue) and the money it plans to spend (expense). The City Council votes on it once a year. Once adopted, the City is legally allowed to spend on the things in the plan; anything not in the plan needs Council approval to add.