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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.