The City shall operate on an annual budget. The fiscal year
of the City shall begin on the first day of July of each year and
shall end on the last day of June of the following year. Such year
shall constitute the tax year, the budget year and the accounting
year.
The City Administrator shall prepare the budget for the Mayor
to present to the Common Council at or before the first meeting of
the Mayor and Common Council in April of each year. The budget shall
provide a financial plan for the budget year and shall contain estimates
of anticipated revenues and proposed expenditures for the coming year.
The total of the anticipated revenues and surplus shall equal or exceed
the total of proposed expenditures.
The Mayor shall present a budget message which explains the
budget, both in fiscal terms and in terms of the work programs. It
shall outline the proposed financial policies of the City for the
ensuing fiscal year, describe the important features of the budget,
indicate any major changes from the current year in financial policies,
expenditure, and revenues together with the reasons for such changes,
summarize the City's debt position and include such other material
as deemed pertinent.
Upon adoption of the budget, the Common Council shall appropriate
funds for the ensuing fiscal year. Funds shall be appropriated to
each of the various departments, offices, agencies or functions in
accordance with the adopted budget. The appropriation shall include
a summary of estimated income for the ensuing fiscal year in accordance
with the adopted budget.
No public money may be expended without having been appropriated
by the Common Council. From the effective date of the budget, the
amounts stated as proposed expenditures shall be appropriated to the
several objects and purposes stated in the budget.
Any transfer of funds between appropriations proposed by the
Mayor must be approved by the Common Council before becoming effective.
During any budget year, no officer or employee shall expend or contract to expend any money or incur any liability or enter into any contract which involves the expenditure of money for any purpose in excess of the amounts appropriated for or transferred to that general classification of expenditure. Any contract, verbal or written, made in violation of this chapter shall be null and void. Nothing in this section, however, shall prevent the making of contracts or the spending of money for capital improvements to be financed in whole or in part by the issuance of bonds, nor does this section preclude the making contracts of lease or for services for a period exceeding the budget year in which such contract is made, when the contract is permitted by law or an emergency procurement as authorized by §
36-4 of the City Code.
All appropriations that have not been expended or lawfully encumbered
shall lapse at the end of the budget year. Any unexpended and unencumbered
funds shall be considered a surplus and shall be included among the
anticipated revenues for the next succeeding budget year.