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.
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.