Section 8.5 Adoption of Budget, Tax Limit:

   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)

Section 8.6 Transfer of Appropriations:

   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 money be incurred, except pursuant to the budget appropriations. The Commission 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 shall revert to the general fund and be reappropriated during the next fiscal year.

Section 8.7 Budget Control:

   At the beginning of each quarterly period during the fiscal year, and more often if required by the Commission, the City Manager shall submit to the Commission data showing the relation between the estimated and actual income and expenses to date; and if it shall appear that the income is less than anticipated, the Commission 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.

Section 8.8 Depository:

   The Commission shall designate the depository or depositories for city funds, and shall provide for the regular deposit of all city moneys. The Commission 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.

Section 8.9 Independent Audit:

   An independent audit shall be made of all city accounts at least annually and more frequently if deemed necessary by the Commission. Such audit shall be made by an independent accountant experienced in public accounting to be selected by the Commission.