Governmental Funds are budgeted using a modified accrual basis of budgeting. Revenues are considered to be available when measurable and collectible and expenditures are recorded when incurred. Annually, a tentative budget is presented to the Town Board by October 31, followed by a preliminary budget by December 4. A formal hearing on the budget is held in December to allow public input. Formal adoption of the budget must occur by December 19th each year.