CHAPTER 10
GENERAL FINANCE — BUDGET, AUDIT

Fiscal Year:

   Section 10.1. The fiscal year of the city and of all its agencies shall begin on the first day of July of each year and end on the thirtieth day of June the following year.

Budget Procedure:

   Section 10.2. The City Manager shall prepare and submit to the Commission at its first meeting following the regular city election in April of each year, a recommended budget covering the next fiscal year, and shall include therein at least the following information:

   (a)   Detailed estimate with supporting explanations of all proposed expenditures for each department, office, and agency of the City, and for the court, showing the expenditures for corresponding items for the last preceding fiscal year in full, and for the current fiscal year to March first and estimated expenditures for the balance of the current fiscal year;

   (b)   Statements of the bonded and other indebtedness of the city, if any, showing the debt redemption and interest requirements, the debt authorized and unissued, and the conditions of sinking funds, if any;

   (c)   Detailed estimates of all revenues of the City from sources other than taxes with a comparative statement of the amounts received by the City from each of the same or similar sources for the last preceding fiscal year in full, and for the current fiscal year to March first, and estimated revenues for the balance of the current fiscal year;

   (d)   A statement of the estimated balance or deficit 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 any available unappropriated surplus and any revenues from other sources, will be necessary to meet the proposed expenditures;

   (f)   Such other supporting information as the Commission may request.

Budget Hearing:

   Section 10.3. A public hearing on the proposed budget shall be held before its final adoption at such time and place as the Commission shall direct. Notice of such public hearing, a summary of the proposed budget and notice that the proposed budget is on file in the office of the Clerk shall be published at least one week in advance of the hearing. The complete proposed budget shall be on file for public inspection during office hours at such office for a period of not less than one week prior to such hearing.

Adoption of Budget:

   Section 10.4. Not later than the second week in May of each year, the Commission shall by resolution adopt a budget for the next fiscal year, shall appropriate the money needed for municipal purposes during the next fiscal year of the City and shall provide for a levy of the amount necessary to be raised by taxes upon real and personal property for municipal purposes subject to the limitations contained in Section 11.1.

Clerk to Certify Tax Levy: Budget Control:

   Section 10.5. Except for purposes which are to be financed by the issuance of bonds or by special assessment, or for other purposes not chargeable to a budget appropriation, no money shall be drawn from the treasury of the city except in accordance with an appropriation thereof for such specific purpose, nor shall any obligation for the expenditure of money be incurred without an appropriation covering all payments which will be due under such obligation in the current fiscal year. The Commission by resolution may transfer any unencumbered appropriation balance, or any portion thereof from one account, department, fund, or agency to another.

   The Commission may make additional appropriations during the fiscal year for unanticipated expenditures required by the city, but such additional appropriations shall not exceed the amount by which actual and anticipated revenues of the year are exceeding the revenues as estimated in the budget unless the appropriations are necessary to relieve an emergency endangering the public health, peace or safety.

   Except in those cases where there is no other logical account to which an expenditure can be charged, expenditures shall not be charged directly to the contingency fund (or other similar fund). Instead, the necessary part of the appropriation for the contingency fund (or other similar fund) shall be transferred to the logical account and the expenditure then charged to such account.

   At the beginning of each quarterly period during the fiscal year, and more often if required by the Commission, the City Manager shall submit to the Commission data showing the relation between the estimated and actual revenues and expenditures to date; and if it shall appear that the revenues are less than anticipated, the Commission may reduce appropriations, except amounts required for debt and interest charges, to such a degree as may be necessary to keep expenditures within the revenues.

   The balance in any budget appropriation which has not been encumbered at the end of the fiscal year shall revert to the general fund.

Depository:

   Section 10.6. The Commission shall designate depositories for city funds and shall provide for the regular deposit of all city moneys. The Commission shall provide for such security for city deposits as is authorized or permitted by statute, except that personal surety bonds shall not be deemed proper security.

Independent Audit: Annual Report:

   Section 10.7. An independent audit shall be made of all city accounts at least annually, and more frequently if deemed necessary by the Commission. Such audit shall be made by Certified Public Accountants experienced in municipal accounting selected by the Commission.

   The city manager shall prepare an annual report of the affairs of the city including a financial report. Copies of such audit and annual report shall be made available for public inspection at the office of the city manager within thirty days after receipt of the audit.