ARTICLE V
FINANCIAL PROCEDURES

Section 5.01. Fiscal Year.

   The fiscal year of the City shall begin on the first day of July and end on the last day of June except for such variation as in the discretion of the Council may be necessary to accomplish transition to this Charter from the existing charter.

Section 5.02. Submission of Budget and Budget Message.

   On or before the first day of May of each year, the City Manager shall submit to the City Council a budget for the ensuing fiscal year and an accompanying message.

Section 5.03. Budget Message.

   The City Manager's message shall explain the budget both in fiscal terms and in terms of the work programs. It shall outline the proposed financial policies of the City 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 City's debt position and include such other material as the City Manager deems desirable.