SECTION 9.01.  FISCAL YEAR.  The fiscal year of the Town shall begin on the first day of July and end on the last day of June, unless otherwise provided by ordinance.
   SECTION 9.02.  ANNUAL BUDGETS REQUIRED.  The adoption of an annual budget shall be a prerequisite to the appropriation of money for municipal purposes and the levy of property taxes.
   SECTION 9.03.  TOWN ADMINISTRATOR REQUIRED TO PREPARE AND SUBMIT ANNUAL BUDGET AND EXPLANATORY MESSAGE.  At least forty-five (45) days before the beginning of the fiscal year, the town administrator shall prepare and submit to the board a budget for the ensuing fiscal year and an accompanying message. It shall outline the proposed financial policies of the Town for the ensuing fiscal year, describe the important features of the budget, indicate any major changes from the current year in financial policies, expenditures, and revenues together with the reasons for such changes, summarize the Town’s debt position, include such other material as the town administrator deems desirable or the board may require, and otherwise be in such form and substance as may be required by general state law.
   SECTION 9.04.  REQUIRED CONTENT AND ORGANIZATION OF BUDGET. The budget shall provide a complete financial plan for the ensuing fiscal year and, except as required by law or this charter, shall be in such form as the town administrator deems desirable or the board may require.
   SECTION 9.05.  PUBLIC HEARING ON ANNUAL BUDGET.  After considering the town administrator’s proposed annual budget and the making of any modification thereto, the board shall schedule a time and place for a public hearing thereon and shall give proper notice of the time and place of the public hearing, a summary of the annual budget tentatively approved by the board, and a notice of when and where the entire annual budget may be inspected. Notice of the public hearing must be given at least seven (7) days in advance of the date thereof.
   SECTION 9.06.  BUDGET ADOPTION.  After the public hearing, the board shall adopt the budget, with such modification or amendments as the board deems advisable, for the ensuing year on or before the last day of the fiscal year currently ending. If it fails to adopt the budget by this date, the appropriations for the current fiscal year shall become the appropriations for the next fiscal year until the adoption of the new budget ordinance.
   Adoption of the budget shall be by resolution and shall be passed upon one reading at a regular, adjourned, or called meeting of the board. Adoption of the budget shall constitute appropriations of the amounts specified therein as expenditures from the funds indicated.
   SECTION 9.07.  AMENDMENTS TO THE ANNUAL BUDGET.  Except as otherwise restricted by law, the board may amend the budget by resolution upon one reading at a regular adjourned, or called meeting of the board. In order to increase expenditures over the total of those authorized by the current budget, the board must amend the budget resolution.
   SECTION 9.08.  TRANSFER OF UNENCUMBERED APPROPRIATIONS. At any time during the fiscal year, the town administrator may transfer part or all of any unencumbered line items within a department, office, or agency. The board, by appropriate resolution may authorize the town administrator to transfer moneys from one (1) department, office or agency to another within the same fund subject to such limitations and procedures as it may prescribe.
   SECTION 9.09.  EMERGENCY APPROPRIATIONS.  Upon a declaration by the board that there exists a public emergency affecting life, health, property, or the public peace, the board may make emergency appropriations by ordinance. To the extent that there are no available unappropriated revenues to meet such appropriations, the board is authorized to borrow funds sufficient to meet an emergency by issuing evidence of obligations. Provision shall be made in the budget for the succeeding fiscal year for the payment of such obligations.
   SECTION 9.10.  DEFICITS.  If at any time during the fiscal year it appears probable to the town administrator that the available revenues will be insufficient to meet the amount appropriated, he shall report, without delay, to the board, the estimated amount of the deficit, any remedial action taken by him, and his recommendations as to any other steps to be taken. The board shall then take such action as it deems necessary to prevent or minimize any deficit and for that purpose it may by ordinance reduce appropriations.
   SECTION 9.11.  LAPSING OF APPROPRIATIONS. Any portion of an annual appropriation remaining unexpended and unencumbered at the close of a fiscal year shall lapse and be credited to the respective fund’s fund balance.
   SECTION 9.12.  INCURRENCE AND DISCHARGE OF OBLIGATIONS.  No payment shall be made or obligation incurred against any appropriation unless the town administrator certifies that an appropriation has been made for that purpose and that there is unexpended and unencumbered in the appropriation for that purpose an amount sufficient to meet the obligation or to make the expenditure. However, except where prohibited by law, nothing herein shall be construed to prevent the making or authorizing of payments or making of contracts for capital improvements to be financed wholly or partly by the issuance of bonds or to prevent the making of any contract or lease providing for payments beyond the end of the fiscal year.
   SECTION 9.13.  BORROWING OF FUNDS.  The board may authorize the Town to issue bonds or to borrow money in conformance with the laws of the state of Tennessee.
   SECTION 9.14.  ACCOUNTING RECORDS, CONTROLS AND AUDITS.  Adequate accounting records shall be installed and maintained in accordance with generally accepted accounting principles. Constant and comprehensive budgetary control shall be maintained. An audit of the financial statements of the Town shall be required by action of the board and same shall be made after the end of each fiscal year by an independent certified public accountant.
   SECTION 9.15.  PURCHASING POLICIES AND PROCEDURES.  All purchases of goods and services by authorized officials of the Town, using or encumbering municipal funds, shall be made in accordance with policies of the board and applicable laws of the state of Tennessee.