Section 7.1 The fiscal year of the city shall begin on July 1 of each year.
Section 7.2 On or before the second Monday in March of each year, each officer, department and board of the city shall submit to the city, manager an itemized estimate of its expected income, if any, and expenditures for the fiscal year, for the department or activities under its control. The city manager shall compile and review such budget requests and shall then prepare his budgetary recommendations and submit them to the city council at its meeting nearest to the first Monday in May of each year.
Section 7.3 The budget document shall present a complete financial plan for the ensuing year and provide for a uniform chart of accounts and reports as required by statute. It shall include at least the following information:
(a) The budget shall contain all of the required information and limitations as stated in 1968 PA 2, section 15, as amended by 1978 PA 621, section 15; MCLA 141.435; MSA 5.3228 (35).
Section 7.4 Before its final adoption, a public hearing on the budget proposal shall be held as provided by law. Notice of the time and place of holding such hearings shall be published in a newspaper having general circulation in the city at least one (1) week in advance thereof. A copy of the proposed budget shall be on file and available to the public during office hours at the office of the clerk for a period not less than one (1) week prior to such public hearing.
Section 7.5 The council shall, not later than the regular meeting in May adopt by resolution a budget for the ensuing fiscal year and make appropriations therefor. After consideration of probable other revenues, the council shall determine and declare the amount of money necessary to be raised by property taxation, which amount shall not be greater than otherwise limited in this charter or by law.
Section 7.6 After the budget has been adopted, no money shall be drawn from the treasury of the city, nor shall any obligation for the expenditure of the money be incurred except pursuant to the budget appropriation. The council may transfer any unencumbered appropriation, balance or any portion thereof from one department, fund, or agency to another. The balance in any appropriation which has not been encumbered at the end of the fiscal year may be reappropriated during the next fiscal year as determined by council. At the beginning of each fiscal year, the council shall authorize the city manager to transfer or expend from unencumbered funds an amount for individual expenditures as the need arises.
Section 7.7 The city manager shall submit to the council quarterly financial reports showing the relationship between the estimated and actual income and expenses to date, and if it shall appear that the income is less than anticipated, the council may reduce appropriations, except amounts required for debt and interest charges, to such a degree as may be necessary to keep expenditures within the cash income. If the revenues exceed the amounts estimated in the budget, the council may make supplemental appropriations. Expenditures shall not be charged directly to the contingency account, except in those cases where there is no other logical account to which expenditures can be charged; instead, a necessary part of the appropriation from the contingency account shall be transferred to the logical account, and expenditure charged to such account.
(Ord. 182, § 3, passed 2-13-2012)
Section 7.8 The council shall designate the depository or depositories for city funds and shall provide for the regular deposit of all city monies.
Section 7.9 Idle monies may be invested in obligations issued by the city and obligations of the United States or any state thereof, in other municipal bonds or other highly rated securities, or investments as the council may determine in accordance with statute.
Section 7.10 An independent audit shall be made of all accounts of the city government annually, and. more frequently if deemed necessary by the council. Such audit shall be made by qualified accountants experienced in municipal accounting. The results of such audit shall be made public in such manner as the council may determine. An annual report of the city business shall be made available to the public in such form as will disclose pertinent facts concerning the activities and finance of the city government.