The fiscal year of the city shall begin on the first day of
January and end on the last day of December.
At the first regular meeting in October of each year the Mayor
shall submit to the Council a proposed budget for the ensuing fiscal
year and an accompanying message.
The budget message shall explain 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, expenditures and revenues, together with
the reasons for such changes, summarize the city's debt position and
include such other material as deemed appropriate.
Except as herein otherwise specifically provided, the city expenditures in any one (1) year shall not be increased over and above the amount provided in the budget duly adopted by the City Council pursuant to Section
5.03 herein. No contract involving the expenditure and no expenditure for any improvement to be paid out of the general or special funds of the city or for defraying the expenses and liabilities of the city shall exceed in any one (1) year the amount provided in said budget to be paid out of the said general and special funds so appropriated and set apart, but the said general funds shall be maintained for, used and devoted to be particular purposes specified in said budget, except that the unexpended balance in any budget appropriation may, by motion, be transferred to any other budget appropriation contained in said duly adopted budget.
It shall not be lawful for any department or officer of the
city to incur or contract any expense or liability for or on behalf
of the city unless such an appropriation shall have been made concerning
such expenses. Such contract shall be ab initio null and void as to
the city for any other or further liability; provided, first, that
nothing herein contained shall prevent the city from providing from
sums made available for such purposes pursuant to the Local Finance
Law for the payment of any expense the necessity of which is caused
by any casualty, accident or unforeseen contingency arising after
the passage of the Budget; and provided, second, that the provisions
of this section shall not apply to or limit the authority conferred
pursuant to the Local Finance Law nor for moneys to be collected by
special assessments for local improvements. It shall be lawful for
the City Council upon the happening of any emergency and upon the
declaration of such emergency by resolution of the Council to appropriate
from any unexpended funds not otherwise designated for specific purposes
by law sufficient funds for the payment of any expenses created by
such emergency.