CHAPTER 35: FINANCE
Section
   35.01   Fiscal year
   35.02   Procedures and standards of form and detail for preparation of annual budget
   35.03   Self-insurance, insurance and investment of public funds; interlocal agreement
   35.04   Disposition of income from state economic development grants
   35.05   Interlocal cooperation agreement to establish a program for funding floating indebtedness
Cross-reference:
   Procurement Code, see Ch. 36
§ 35.01 FISCAL YEAR.
   The fiscal year of the City shall be from July 1 to June 30 next following.
(1995 Code, § 3.04.010)
§ 35.02 PROCEDURES AND STANDARDS OF FORM AND DETAIL FOR PREPARATION OF ANNUAL BUDGET.
   (A)   The City Manager shall be responsible for the preparation of the annual budget proposal which shall be consistent in form, to the extent practical, with the accounting system of the City.
   (B)   The annual budget proposal shall provide a complete program and financial plan for the fiscal year which begins July l and ends June 30.
   (C)   The Chief Financial Officer shall estimate the total of all revenue from all sources, including grants and funds, transfers and fund balances carried forward, available for appropriation.
   (D)   The annual budget proposal shall detail the spending of money for specified programs, functions, activities or objectives of the City including all principal and interest due on debt. The total of proposed expenditures shall not exceed the total of anticipated revenues and prior year fund balance carried forward.
   (E)   The annual budget proposal shall include a summary of the budget which need not be itemized further than by principal sources of anticipated revenue and proposed expenditures by program, function, activity or objectives of the City in a manner as to present a simple and clear summary of the detailed estimates of the budget components.
   (F)   In order to ensure that adequate information is developed in a timely manner and to provide deadlines for adoption, in January of each year a budget calendar will be distributed to the Mayor and Board of Commissioners after it is prepared.
   (G)   The Chief Financial Officer shall submit financial statements and budget comparisons to the Board of Commissioners at least once every 3 months. The quarterly report shall clearly show revenues to date by each principal source and expenditures by functions (Departmental or program) within each fund.
   (H)   (1)   Appropriations for each fund of the legally adopted budget shall not be exceeded without the adoption of a budget amendment by the Board of Commissioners.
      (2)   Expenditures within each fund may exceed the budget or a major category account with the written approval of the City Manager as long as the total appropriation for the fund is not exceeded.
   (I)   The annual budget shall be amended during the year if actual revenues increase or decrease and/or if actual expenditures make it necessary to increase the appropriation level in any fund or major category of expenditure by reducing the appropriation level in another major category of expenditures.
(1995 Code, § 3.04.020) (Am. Ord. O-02-09, passed 2-11-2002)
§ 35.03 SELF-INSURANCE, INSURANCE AND INVESTMENT OF PUBLIC FUNDS; INTERLOCAL AGREEMENT.
   The City has executed a joint and cooperative program among the City, other cities, urban county governments and public agencies within the Commonwealth of Kentucky and has executed an Interlocal Agreement with the Kentucky League of Cities, concerning the self-insurance, insurance and the investment of public funds, including the financing of the program through the issuance of revenue bonds set forth therein, a copy of which is on file with the City Clerk and is made a part hereof and incorporated by reference.
§ 35.04 DISPOSITION OF INCOME FROM STATE ECONOMIC DEVELOPMENT GRANTS.
   The City directs that all program income from economic development grants funded by the state’s Department of Local Government shall be deposited into a revolving loan fund. The City Manager is directed to develop guidelines for the creation of the revolving loan fund and the use of the fund consistent with the requirements imposed by the state’s Department of Local Government.
(1995 Code, § 3.04.050)
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