The fiscal year of the City and of all its agencies shall begin
on the first day of July of each year and end on the 30th day of June
of the following year.
The Mayor, Treasurer and City Administrative Coordinator shall
be responsible for the preparation of the annual budget. The Mayor
shall be responsible for the submission to the Council, no later than
the first regular Council meeting in May of each year, of a recommended
budget covering the next fiscal year, which budget shall include thereon
at least the following:
A.
Detailed estimates, with supporting explanations, of all proposed
expenditures for each department and office of the City, together
with the expenditures for corresponding items for the last preceding
fiscal year in full and for the current fiscal year to March 1, and
estimated expenditures for the balance of the current fiscal year;
B.
Statements of the bonded and other indebtedness of the City, showing
the debt redemption and interest requirements, the debt authorized
and unissued and the condition of sinking funds, if any;
C.
Detailed estimates of all anticipated revenues of the City from sources
other than taxes, with a comparative statement of the amounts received
by the City from each of the same or similar sources for the last
preceding fiscal year in full and for the current fiscal year to March
1, and estimated revenues for the balance of the current fiscal year;
D.
A statement of the estimated balance or deficit for the end of the
current fiscal year;
E.
An estimate of the amount of money to be raised from current and
delinquent taxes and the amount to be raised from bonds issued which,
together with any available unappropriated surplus and any revenues
from other sources, will be necessary to meet the proposed expenditures;
F.
Such other supporting information as the Council may request;
G.
Such other items as required by MCLA § 141.435.
A public hearing on the proposed budget shall be held before
its final adoption at such time and place as the Council shall direct.
Notice of such public hearing shall be published at least one week
in advance of the hearing, which shall also include notice that the
proposed budget and the three preceding fiscal budgets are on file
in the office of the Clerk. The complete proposed budget and the three
preceding fiscal budgets shall be on file for public inspection during
office hours at such office for a period of not less than one week
prior to such hearings.
Not later than the first regular Council meeting in June, the
Council shall, by resolution, adopt a budget for the next fiscal year
and shall appropriate the money needed for municipal purposes during
such year, and shall, in such resolution, provide for a levy of the
amount necessary to be raised by taxes upon real and personal property
for municipal purposes, subject to the limitations contained in § C-9.1.
A.
Except for the purposes which are to be financed by the issuance
of bonds or by special assessment or for other purposes not chargeable
to a budget appropriation, no money shall be drawn from the treasury
of the City except in accordance with an appropriation thereof for
such specific purposes, nor shall any obligation for the expenditure
of money be incurred without an appropriation covering all payments
which will be due under such obligation in the current fiscal year.
B.
The Council may, by resolution, transfer any unencumbered appropriation
balance, or any portion thereof, from one account, department, fund
or agency to another.
C.
The Council may make additional appropriations during the fiscal
year for unanticipated expenditures required of the City, but such
additional appropriations shall not exceed the amount by which actual
and anticipated revenues of the year exceed the revenues as estimated
in the budget unless the appropriations are necessary to relieve an
emergency endangering the public health, peace or safety.
D.
Except in those cases where there is no logical account to which
an expenditure can be charged, expenditures shall not be charged directly
to the contingent fund (or other similar fund); instead, the necessary
part of the appropriation from the contingent fund (or other similar
fund) shall be transferred to the logical account and the expenditures
then charged to such account.
E.
At the beginning of each quarterly period during the fiscal year,
and more often if required by the Council, the Treasurer shall submit
to the Council a statement showing the balances at the close of the
preceding month in all fund and budget items, the amounts of the City's
known liabilities and the fund and budget to which the same are to
be chargeable and all other information necessary to show the City's
financial condition, and if it shall appear that the revenues are
less than anticipated, the Council may reduce appropriations, except
amounts required for debt and interest charges, to such a degree as
may be necessary to keep expenditures within the revenues.
F.
The balance in any budget appropriation which has not been encumbered
at the end of the fiscal year, subject to statutory restrictions,
shall revert to the general fund.
A.
The Council shall designate depositories for the City funds and shall
provide for the regular deposit of all City monies. The Council shall
provide for such security for City deposits as is authorized or permitted
by statute, except that personal surety bonds shall not be deemed
proper security.
B.
The Treasurer may move funds from one to another such designated
depository account, provided that he informs the Council of any such
shifts at the next regularly scheduled Council meeting and explains
the reasons for making the change.
An independent audit shall be made of all City accounts at least
annually and more frequently if deemed necessary by the Council. Such
audit shall be made by a certified public accountant experienced in
municipal accounting selected by the Council. Copies of such audit
shall be made available for public inspection at the office of the
Clerk within 30 days after receipt of the audit.
