The City of Yuma's fiscal year runs from January 1 through December 31. As part of its financial planning, the City must pass an annual budget, which formally appropriates funds. The budget is developed by City staff in conjunction with the City Council and hopefully reflects the communit's interests and desires for public services. Through the budgeting process, the demand for public services must be balanced with the community's willingness to pay for the services offered, which are primarily funded through user fees and local sales and property taxes.
While the budget lays out the funding and expenditures for City programs and services as well as the operational and maintenance activities of City departments, the annual audit provides an objective review of the City's financial statements. The audit is conducted using the Generally Accepted Accounting Principles (GAAP) with oversight from the Governmental Accounting Standards Board (GASB).