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SECTION 8.4 BUDGET HEARING.
A public hearing on the budget shall be held before its final adoption, at such time and place as the Council shall direct, and notice of such public hearing shall be published at least one (1) week in advance by the Clerk. A copy of the proposed budget shall be published. The budget shall also be on file and a summary of the budget available to the public for inspection during office hours at the office of the Clerk for a period of not less than one (1) week prior to such public hearing.
Not later than the second regular meeting in the month of May, the Council shall, by ordinance, adopt the budget for the next fiscal year, and shall, in such ordinance, make an appropriation for the money needed for municipal purposes during the ensuing fiscal year of the City, and provide for a levy of the amount necessary to be raised by taxes upon real and personal property for municipal purposes, which levy shall not exceed two percent (2%) of the assessed valuation of all real and personal property subject to taxation in the City, except as to any additional taxes authorized by the laws of this State, including excess of roll, a garbage tax, and any other authorized levies beyond charter limitations. Should the Council take no final action during or prior to said meeting, the budget as submitted shall be deemed to have been finally adopted by the Council.
(a) Except for purposes which are to be financed by the issuance of bonds or by special assessments, or for other purposes and chargeable to the budget appropriation, no money shall be drawn from the general fund of the City without an appropriation thereof, nor shall any obligations for the expenditures of money be incurred without an appropriation covering all payments which will be due under such obligation in the current year. The Council by resolution may transfer any unencumbered appropriation balance, or any portion thereof, from one department account, fund or agency to another.
(b) Expenditures shall not be charged directly to any contingent or general account. Instead, the necessary amount of the appropriation from such account shall be transferred to the appropriate budget item or account and, the expenditures then charged thereto.
(c) At the beginning of each quarterly period during the fiscal year, and more often if required by the Council, the City Administrator shall submit to the Council data showing the relation between the estimated and actual revenues and expenditures to date; and if it shall appear that the revenues are 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 revenues.
(d) (1) The Council may, by ordinance, establish and maintain accounts for accumulating moneys to be used for acquiring, extending, altering, constructing, or repairing public improvements or public buildings and for the purchase of equipment of any type, in each case either for a specific item or items or for future unspecified public improvements or equipment or both.
(2) Appropriations to such accounts may be made by the Council either in the annual appropriation resolution or, from time to time during the fiscal year, from available funds, from whatever source derived, which are not required for other appropriations or obligations of the City. Such accounts shall be continuing accounts and the balances therein at the end of each fiscal year shall remain a part thereof.
(3) Moneys which are accumulated for the purposes of public improvements or buildings, as set forth in subsection (e) (1) hereof, shall be used only at the direction of the Council, and only for the purposes provided in the original ordinance establishing such account, unless their use for some other municipal purposes be authorized by a majority vote of the electors of the City who vote on the proposition to amend such ordinance to provide for a change in the use of the moneys in such account. After the purpose of any such account has been fulfilled, any balance remaining therein may be transferred by the Council to any other account of the City.
(4) Moneys which are accumulated for the purpose of purchasing equipment, as set forth in subsection (e) (1) hereof, shall be expended only for the purpose provided in the ordinance establishing any such account or as such ordinance may be amended from time to time.
The Council shall designate the depository or depositories for city funds, and shall provide for the regular deposit of all city moneys. The Council shall provide for such security for city deposits as is authorized or permitted by the general laws of the State, except that personal surety bonds shall not be deemed proper security.
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