The annual operating budget is among the Town’s most important documents. It gives town officials the authority to collect revenue and make expenditures. The Town Council is required by state law to approve a budget by June 30 each year for the coming fiscal year (July 1 through June 30). Staff begins estimating revenues and expenses for the coming year around March. Generally the Town Manager prepares a draft budget for a public budget workshop held in late April. After the workshop, the Manager submits a recommended budget for Town Council's review and public comment in accordance with state law.