The City of Duvall budgets in accordance with the Revised Code of Washington (RCW) 35A.34. Biennial appropriated budgets are adopted for the General, Debt Service, Special Revenue, Capital Project, and Proprietary funds using the cash basis of accounting verses the modified accrual basis. Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements.

Under the cash basis method of accounting, revenues are recognized when cash is received, and expenditures are recognized when paid. Under the modified accrual basis of accounting, revenue is recorded when susceptible to accrual (i.e. both measurable and available) and expenditures are recognized when the fund liability is incurred. Under the cash basis method, no appropriation is made for depreciation or accrued leave. In addition, capital assets and principal payments on bonds are budgeted as expenditures.  

The City’s financial statements are also prepared using the cash basis.  Some funds in the financial statements are combined to comply with reporting requirements, which is different than the budget presentation which shows the revenues and expenditures for all budgets.

2023/2024 Budget

The online interactive budget book for 2023 -2024 is now available!