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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 village showing the expenditures for corresponding items for the current and last preceding fiscal year, including contingent, miscellaneous or other similar fund expenditures, 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 village, showing the debt redemption and interest requirement, the debt authorized and unissued, and the condition of sinking funds, if any;
(c) Detailed estimates of all anticipated income of the village from sources other than taxes and borrowing, with a comparative statement of the amounts received by the village 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 village government during the ensuing year;
(f) Such other supporting schedules as the Council may deem necessary.
(Adopted 3-13-67)
A copy of the budget proposal shall be on file and available to the public in the office of the Clerk during regular office hours for a period of not less than one (1) week prior to the adoption of the budget by the Council. Notice of the requirement that the budget proposal is so required to be filed shall be published by the Clerk in a legal newspaper of general circulation in the village not less than fifteen (15) days prior to the adoption of the budget by the Council; provided, however, that failure to give such notice shall not invalidate the adoption of any budget.
(Adopted 3-13-67)
Not later than the first regular meeting in May, the Council 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 fiscal year of the village 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) per cent of the assessed valuation of all real and personal property subject to taxation in the village. The levy so provided shall be known and referred to as the Charter tax rate of the Village of Lake Orion and shall be subject to all provisions of State law and the Michigan Constitution pertaining thereto.
(Adopted 3-13-67)
After the budget has been adopted, no money shall be drawn from the treasury of the village nor shall any obligation for the expenditure of money be incurred, except pursuant to the budget appropriations. The Council 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.
(Adopted 3-13-67)
At the beginning of each quarterly period during the fiscal year, and more often if required by the Council, the Village Manager shall submit to the Council 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 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 cash income.
(Adopted 3-13-67)
The Council shall designate the depository or depositories for village funds, and shall provide for the regular deposit of all village moneys. The Council shall provide for such security for village deposits as is authorized or permitted by the general laws of the state, except that personal surety bonds shall not be deemed proper security.
(Adopted 3-13-67)
An independent audit shall be made of all accounts of the village government at least annually and more frequently if deemed necessary by the Council. Such audit shall be made by public accountants experienced in municipal accounting. The results of such audit shall be made public by publishing in condensed form in some legal newspaper of general circulation in the village.
(Adopted 3-13-67)