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5.1 DIRECTOR OF FINANCE
   The director of finance shall have charge of the administration of the financial affairs of the city in accordance with Section 4.4.
5.2 BONDS REQUIRED
   Council shall establish the amount of bond to be given by each officer, clerk or employee in the city government, if any be required, and required bonds shall be given with surety. Premiums on official bonds shall be paid by the city.
5.3 FISCAL YEAR
   The fiscal year of the city shall begin the first day of January unless otherwise specified by ordinance.
5.4 APPROPRIATIONS
   No money shall be drawn from the treasury of the city, nor shall any obligation for the expenditure of money be incurred, except by appropriations adopted by council. Any monies appropriated shall be used for the specified purposes and these purposes may not be changed without authority from council. No money, from whatever source derived, shall be appropriated for use by or at the direction of individual members of council.
5.5 BUDGET DOCUMENT
   On or before the second city council meeting in November in each year, the director of finance shall prepare an estimate of the expense of conducting the affairs of the city for the following fiscal year. This estimate shall be compiled from detailed information obtained from the various departments and shall set forth at a minimum:
   (a)   an itemized estimate of the expense of operating each department;
   (b)   comparisons of proposed current estimates with the corresponding items of expenditures for the last two completed fiscal years and with an estimate of expenditures necessary to complete the current fiscal year;
   (c)   reasons for proposed increases or decreases in expenditures compared with the current fiscal year;
   (d)   a schedule for each department listing required operations of the department for the next fiscal year and any additional activities desired to be undertaken;
   (e)   compensation increases as either additional pay to current employees, or for additional employees;
   (f)   an itemization of all anticipated revenue from taxes and other sources;
   (g)   the amounts required to pay interest on the city's debt, and for bond retirement funds as required by law;
   (h)   the total amount of the outstanding city debt with a schedule of maturities of bond issues and any other long-term financial obligations of the city; and
   (i)   any other information as may be required by council.
   Upon receipt of the estimate, council shall begin the appropriations process. Council shall hold public hearings upon any proposed appropriation legislation before a committee or the entirety of council. After the public hearings, council, taking the estimate into consideration, shall by tem-porary or permanent appropriation legislation provide for the funding of the city as provided by general law or except as general law may be limited by council.
5.6 REPORTS
   The director of finance shall periodically report on the finances of the city to the mayor, council, the public and any specific persons designated by law, including financial transactions for the fiscal year or any part of the fiscal year and the effect of those transactions on appropriations within each department of the city government.
5.7 CAPITAL PLAN
   Annually, after consultation with the mayor and the heads of affected city departments, the director of finance shall prepare and submit to the mayor and council a recommended five-year financial plan for the city's capital needs.
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