[R.O. 2008; Ord. No. 6645, 1-23-2020]
The financial procedures of the City shall be established by Ordinance and shall incorporate the following:
A. 
Fiscal Year. The City Council shall determine the fiscal year of the City.
B. 
Budget Form. The Budget shall be in the form of an Ordinance setting the Budget for the ensuing fiscal year by fund. The Budget will further be detailed by estimated revenues to be received from all sources for the Budget year, with a comparative statement of actual or estimated revenues for the two (2) years next preceding, itemized by year, fund and source along with proposed expenditures for each department, together with a comparative statement of actual or estimated expenditures for the two (2) years next preceding, itemized by year, fund, activity and object. The form of the Budget is subject to applicable Ordinances, state law and Generally Accepted Accounting Practices.
C. 
Council Approval Of Budget. No Budget shall take effect until the same has been approved by the City Council. The vote of the City Council on any annual Budget shall occur prior to the last day of the last month of the fiscal year.
D. 
Public Hearing. At least one (1) Public Hearing on the Budget shall occur prior to its adoption by the City Council pursuant to public notice as specified by Ordinance from time to time.
E. 
Capital Improvement Program.
1. 
Submission To City Council. The City Administrator shall prepare and submit to the City Council a minimum of a five-year Capital Improvement Program to be included in the Budget.
2. 
Contents. The Capital Improvement Program shall include but not limited to the following:
a. 
A clear general summary of the contents;
b. 
A list of all capital improvements which are proposed to be undertaken during the five (5) fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements;
c. 
Cost estimates, method of financing and recommended time schedules for each such improvement; and
d. 
The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
The above information may be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition.
3. 
City Council Action On Capital Improvement Program.
a. 
Notice And Hearing. The City Council shall provide notice as specified by Ordinance from time to time stating:
b. 
The times and places where copies of the Capital Improvement Program are available for inspection by the public; and
(1) 
The time and place for a Public Hearing on the Capital Improvement Program.
(2) 
Adoption. The City Council by Ordinance shall adopt the Capital Improvement Program with or without amendment after the Public Hearing and on or before the last day of the fiscal year currently ending.
F. 
Supplemental Appropriations, Deficit Avoidance, Transfer Of Appropriations. The Budget Ordinance for the current fiscal year is at the fund level. Department spending must be held within the legally appropriated amount within each fund. The Budget may be amended by the appropriation of additional sums which become available during the course of the fiscal year or surpluses in unreserved fund balance/retained earnings. If at any time during the fiscal year it becomes apparent that there will be insufficient revenues and reserves to meet the amount appropriated, then the City Council shall take such action as is necessary to prevent any deficit and may reduce anyone (1) or more prior appropriations. The City Administrator shall have the authority, up to the fiscal authority granted by the City Council, to transfer part or all of any unencumbered appropriation within a fund upon written request by a department head and approval of fund availability by the Director of Finance. Any amount over this shall be required to be approved by the City Council. No monies shall be transferred between capital funds and operating funds unless approved by a majority of the City Council.
G. 
Budget Of Preceding Fiscal Year Governs, When. In adopting a Budget for a fiscal year, failure to comply with every requirement prescribed by the preceding paragraphs of this Section for the adoption of a Budget shall invalidate the Budget. If a valid Budget for a fiscal year is not approved and adopted by the City Council prior to the last day of the last month of the preceding fiscal year, the Budget for the preceding fiscal year shall be deemed to have been readopted and shall be in effect, so far as it relates to operation and maintenance expenses, until such time as a Budget for the fiscal year is adopted in conformity with the requirements of this Charter other than the date by which approval is to be granted.
H. 
Fiscal Officer. The fiscal affairs of the City shall be the responsibility of the Finance Department. The head of the Finance Department shall be designated the Fiscal Officer of the City. Qualifications, duties and powers of the Fiscal Officer shall be set by Ordinance. The Fiscal Officer shall promulgate a policy and procedures manual that will enumerate Financial Management Policies, Financial Management and Internal Controls, Budgeting and Operations.
I. 
Accounting And Financial Practices. To ensure that City funds are appropriately budgeted, recorded and reported, the City will utilize an accounting system that conforms to Generally Accepted Accounting Principles, Standards of the Government Accounting Standards Board and Missouri Revised Statutes along with other various Federal and State laws that govern financial practices and reporting.
J. 
Public Record. Copies of the Budget and the Capital Improvement Program as adopted shall be public records and shall be made available to the public at suitable places in the City.