The purpose of this chapter is to adopt rules governing the Board of Commissioners in its proceedings for administering the financial affairs of the city, and to establish a standard procedure for the making and administration of budgets, to place responsibility for the tasks related to budget preparation and administration, the determination of the amount of taxes and other revenues in such manner that budgets may be balanced on the basis of actual cash receipts within the budget period, the establishment of appropriations, the payment of debt, and the control of other expenditures. Its provisions are intended to enable the Board of Commissioners to make financial plans for both current and capital expenditures, to insure that executive staffs administer their respective functions in accordance with these plans, and to permit taxpayers and investors to form intelligent opinions based on sufficient information as to the financial policies and administration of the city. For the accomplishment of this purpose, the provisions of this chapter shall be broadly construed, and shall be in effect until repealed or amended. This chapter may be repealed or amended by a majority vote of the Board of Commissioners in the same manner as required by the Kentucky Revised Statutes for the adoption of an ordinance.
(Ord. 2016-7, passed 8-9-16)