Budget
The City of Abilene operates on a January 1 to December 31 fiscal year. While the State of Kansas requires a modified accrual basis of accounting, the City Commission annually adopts a resolution waiving that financial reports be prepared to Generally Accepted Accounting Principle (GAAP) standards. The City of Abilene elects to use the cash basis and statutory basis of accounting and opts out of the modified accrual basis. A cash basis accounting system recognizes revenues and expenses only when cash is exchanged.
(K.S.A. 79-2988) During the 2021 legislative session, the tax lid was removed, and legislation established new notice and public hearing requirements if the proposed budget will exceed the property tax levy's revenue neutral rate. The revenue neutral rate (RNR) is the tax rate in mills that would generate the same property tax revenue in dollars as levied the previous year using the current tax year's total assessed valuation.
