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The Director of Finance and the Mayor shall furnish a fiscal report of revenues, expenditures, and appropriation balances to each member of Council, in writing, not later than the 15th day of February of each year.
The Director of Finance and the Mayor shall also furnish to Council, not later than the second regular meeting of the month of March of each calendar year, an ordinance making appropriation for the expenditures of the Municipality during the year. Such ordinance shall be adopted by Council in its original form or with such revisions as it may find proper.
Such appropriation ordinance shall be in such form and detail as may be required by the general laws of the State of Ohio, and may be amended or supplemented by Council after its passage, but appropriations shall not be made in excess of the estimated revenues of the Municipality. The Council may make preliminary appropriations for current expenses sufficient in the amount to meet the current needs until the annual appropriation ordinance has been enacted and is in effect.
The passage of an ordinance authorizing the issue or sales of bonds or notes of the Municipality shall constitute an appropriation of the proceeds thereof, to this purpose for which said bonds or notes are issued.