The City Council shall have authority to establish by ordinance such boards, commissions, and committees as it may deem necessary for the conduct of city business and management of municipal affairs. The authority, functions and responsibilities of such boards, commissions and committees shall be such as is spelled out in the ordinance establishing them. All existing boards and commissions heretofore established shall be continued in accordance with the ordinances or other acts under which they have been created, or until the City Council shall by ordinance abolish, modify or alter the ordinances or acts under which they exist. Notwithstanding any other provision of this Charter the elected City Council shall have paramount authority over all matters affecting the budgets, appropriation of funds, expenditures, purchases and sale of properties and procedures for accounting therefor, consistent with the express provision of this Charter and applicable provisions of the state constitution and laws of this state.