On or before the first Monday in March, each city officer shall submit to the City Manager an itemized estimate of the expenditures for the next fiscal year, for the department or activities under his control. The City Manager shall prepare a complete itemized budget proposal for the next fiscal year and shall submit it to the Commission at its first meeting in April.
The budget document shall present a complete financial plan for the ensuing fiscal year. It shall include at least the following information:
(a) Detailed estimates of all proposed expenditures for each department and office of the city showing the expenditures for corresponding items for the current and last preceding fiscal year, with reasons for increases and decreases recommended, as compared with appropriations for the current year:
(b) Statements of the bonded and other indebtedness of the city, showing the debt redemption and interest requirements, the debt authorized and unissued, and the condition of sinking funds, if any.
(c) Detailed estimates of all anticipated income of the city from sources other than taxes and borrowing, with a comparative statement of the amounts received by the city from each of the same or similar sources for the last preceding and current fiscal year;
(d) A statement of the estimated balance or deficit, as the case may be, for the end of the current fiscal year;
(e) An estimate of the amount of money to be raised from current and delinquent taxes and the amount to be raised from bond issues which, together with income from other sources, will be necessary to meet the proposed expenditures and commitments of the city government during the ensuing year.
(f) Such other supporting schedules as the Commission may deem necessary.
A copy of the budget proposal shall be on file and available to the public in the office of the Clerk during office hours for a period of not less than one (1) week prior to the adoption of the budget by the Commission. Notice of the requirement that the budget proposal is so required to be filed shall be published by the Clerk in a legal newspaper having a bona fide list of paying subscribers not less than fifteen (15) days prior to the adoption of the budget by the Commission: Provided, however, that failure to give such notice shall not invalidate the adoption of any budget.
Not later than the second Monday in May, the Commission shall, by resolution, adopt the budget for the next fiscal year and shall, in such resolution make an appropriation of the money needed for municipal purposes during the ensuing 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 (2) percent of the assessed valuation of all real and personal property subject to taxation in the City. The levy so provided shall be known and referred to as the Charter tax rate of the City of Imlay City and shall be subject to all provisions of State law and the Michigan Constitution pertaining thereto.
(Amended 5-8-07)
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