The Office of Management and Budget has the responsibility to provide professional advice on the management of departmental budgets. The major objectives of O.M.B. are as follows:
- Preparation and development of the City Budget and its subsequent submission to the Mayor and the City Council.
- Implementation and monitoring of City Budget through periodic review of revenues and appropriations.
- Monitoring of revenue sources/receipts and departmental expense accounts.
The City operates on a fiscal year basis from July 1 through June 30. The City Charter Section C5-7 requires the City Council to adopt a budget “not later than June 1.” The Mayor can veto the budget but it can be overridden by a two-third majority vote by the City Council. The budget must also be approved by the New York State Comptroller before the City can send out property tax bills.