The City of Piqua Finance Department consist of two separate areas. These areas are Accounting and Income Tax.
Accounting is responsible for the entire fiscal operation of the City. However, the City Manager is responsible for the preparation of the annual city budget with the assistance of the Finance Department.
The City must submit a budget of estimated revenues and expenditures to the Miami County Budget Commission by July 20 for the following calendar. The City uses the calendar year as its fiscal year. A permanent appropriation measure is adopted by December 31 for the period January 1 through December 31 of the following year and cannot exceed estimated resources certified by the county budget commission.
The fiscal accounts are organized on the basis of funds, each of which is considered a separate accounting entity. The operation of each fund is accounted for by a set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures. All funds include annual budgets which are prepared in accordance with Generally Accepted Accounting Principles (GAAP).