(A)   The city shall operate under an annual budget ordinance adopted and administered in accordance with the provisions of this section.  No money shall be expended from any governmental or proprietary fund, except in accordance with a budget ordinance adopted pursuant to this section.
   (B)   Monies held by the city as a trustee or agent for individuals, private organizations, or other governmental units need not be included in the budget ordinance.
   (C)   If in any fiscal year subsequent to a fiscal year in which the city has adopted a budget ordinance in accordance with this section, no budget ordinance is adopted, the budget ordinance of the previous fiscal year has full force and effect as if readopted.
   (D)   The budget ordinance of the city shall cover one fiscal year.
   (E)   Preparation of the budget proposal shall be the responsibility of the Commission.
   (F)   The following standards shall apply to the form and detail in which the annual budget proposal of the city is to be prepared by the City Commission.
      (1)   Proposal. The annual budget proposal shall detail the raising of revenue from all sources, including grants and transfers, and the spending of money for specified purposes and programs, functions, activities or objectives of the city, including all principal and interest due on debt, for the budget fiscal year.  The total of resources available shall equal or exceed the total of proposed expenditures.
      (2)   Form. The form of the annual budget proposal shall be consistent in form to the extent practical with the accounting system of the city.
      (3)   Complete. The annual budget proposal shall provide a complete program and financial plan for all funds for the Budget year.  It shall contain:
         (a)   A budget message, as specified in division (G) below of this section.
         (b)   A budget summary, which shall show resources available for each fund, for example, general fund, municipal aid fund, and the like, including a fund balance carry-forward, anticipated revenues and anticipated excess revenues stated as a transfer from other funds.  It shall also show anticipated appropriations by category and an estimated fund balance at the end of the fiscal year.
         (c)   A comparison of resource and appropriation categories to at least two prior years.
      (4)   Publication. Upon the adoption of the annual budget, it shall be made public according to applicable statutes.
(Ord. 90-05, passed 7-16-90)
   (G)   The budget proposal together with a budget message shall be submitted to the Commission not later than 30 days prior to the beginning of the fiscal year it covers.  The budget message shall contain an explanation of the governmental goals fixed by the budget for the coming fiscal year; explain important features of the activities anticipated in the budget; set forth the reasons for stated changes from the previous year in program goals, programs, and appropriation levels; and explain any major changes in fiscal policy.
   (H)   (1)   The Commission may adopt the budget ordinance making appropriations for the fiscal year in such sums as it finds sufficient and proper, whether greater or less than the sums recommended in the budget proposal.  The budget ordinance may take any form that the Commission finds most efficient in enabling it to make the necessary fiscal policy decisions.
      (2)   No budget ordinance shall be adopted which provides for appropriations to exceed revenues in any one fiscal year in violation of section 157 of the Kentucky Constitution.
   (I)   The full amount estimated to be required for debt service during the budget year shall be appropriated, for all governmental fund types.
   (J)   The Commission may amend the budget ordinance at any time after the ordinance's adoption, so long as the amended ordinance continues to satisfy the requirements of this section.
   (K)   Administration and implementation of an adopted budget ordinance shall be the responsibility of the Commission.  Such responsibility includes the preparation and submission to the Commission of operating statements, including budgetary comparisons of each governmental fund for which an annual budget has been adopted.  Such reports shall be submitted not less than once every three months in each fiscal year.
   (L)   To the extent practical, the system utilized in the administration and implementation of the adopted budget ordinance shall be consistent in form with the accounting system called for in § 33.02.
   (M)    No city agency, or member, director, officer, or employee of any city agency, may bind the city in any way to any extent beyond the amount of money at that time appropriated for the purpose of the  agency.  All contracts, agreements, and obligations, express or implied, beyond such existing appropriations are void; nor shall any city officer issue any bond, certificate, or warrant for the payment of money by the city in any way to any extent, beyond the balance of any appropriation made for the purpose.
(KRS 91A.030)