All powers of the City and the determination of all matters of policy shall be vested in the Council.  Without limitation of the foregoing, the Council shall have power to:
   (1)   Adopt the budget of the City;
   (2)   Create and establish boards and commissioners as required;
   (3)   Adopt policies, rules and regulations for all City employees, except as otherwise provided in this Charter;
   (4)   Inquire into the conduct of any office, department or agency of the City and make investigations as to municipal affairs; and
   (5)   Provide for an independent audit.