The City of Greensboro budget is adopted by ordinance in accordance with North Carolina General Statutes that require a balanced budget to be adopted by July 1 of each year. The fiscal year begins July 1 and ends June 30. A two-year budget is presented to City Council; however, only the first year is adopted. The second year serves as a planning tool for the following fiscal year. 

The budget is developed by program area, with revenues and resources allocated to each service the City provides. Strategic priorities are established by City Council and the City Manager's Office and serve as a guide in determining recommended funding. 

The budget process begins in October with the proposal of new and revised capital improvements projects and an assessment of local economic conditions. Key departmental issues for the upcoming budget year are also identified. During the late fall, a City Council / staff planning work session is held to discuss economic trends, the City's financial condition, and budget forecasts. At this time, City Council and the City Manager set budget priorities and management objectives for the upcoming budget process.  

In February, City departments submit their budget requests to the Budget and Evaluation Department. The requests are reviewed, along with any proposed service enhancement requests, until early spring when the Budget and Evaluation Department prepares the recommended budget.

The recommended budget and Capital Improvements Program (CIP) are presented to City Council in May, and deliberations take place during public work sessions held in late May and early June. City Council must hold a public hearing on the budget before it can be adopted. Budget adoption usually takes place in early to mid-June, with the new fiscal year set to begin July 1.