(A) The city shall operate under an annual budget ordinance adopted and administered in accordance with the provisions of this section. Notwithstanding any other provisions of law, the city shall not expend any moneys from a governmental or proprietary fund, except in accordance with a budget ordinance adopted pursuant to this section.
(B) Moneys 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 shall have full force and effect as if readopted.
(D) The budget ordinance shall cover one (1) fiscal year.
(E) Preparation of the budget proposal shall be the responsibility of the Mayor, and the budget proposal shall be prepared in the form and detail as is prescribed by ordinance.
(F) The budget proposal together with a budget message shall be submitted to the City Council no later than thirty (30) days before 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 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, program and appropriation levels; and explain any major changes in fiscal policy.
(G) The City Council shall adopt a budget ordinance making appropriations for the fiscal year in such sums as the Council finds sufficient and proper, whether greater or less than the sums recommended in the budget proposal. The budget ordinance may be in any form that the Council finds most efficient in enabling it to make the necessary fiscal policy decisions.
(H) No budget ordinance shall be adopted which provides for appropriations to exceed revenues in any one (1) 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 funds types.
(J) The Council may amend the budget ordinance after the ordinance is adopted, if 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 Mayor. That responsibility shall include the preparation and submission to the Council of operating statements which shall include budgetary comparisons of each governmental fund for which an annual budget has been adopted. These reports shall be submitted not less than once every three (3) months in each fiscal year.
(L) To the extent practical, the system used in the administration and implementation of the adopted budget ordinance shall be consistent in form with the accounting system called for in § 24.002.
(M) No city agency or member, director, officer, or employee of a city agency may bind the city in any way or 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 existing appropriations are void. No city officer shall issue any bond, certificate, or warrant for the payment of money by the city in any way to any extent beyond the unexpended balance of any appropriation made for the purpose.
(KRS 91A.030)