The fiscal year of the Borough shall commence
on the first day of January and conclude on the last day in December
of each year.
At least 45 days prior to the beginning of each
fiscal year the Chair of the Finance Committee shall prepare and submit
to the Council a budget presenting the financial plan for conducting
the affairs of the Borough for the ensuing year.
The budget shall be a public record, available
for public inspection after submission to the Council and prior to
adoption, and after adoption, during regular business hours.
The Council or a committee of the Council shall
review the budget and not later than December 1 of each year file
with the Borough Secretary its report including any recommendations
proposed therein.
Not later than December 1 of each year, the
Borough Secretary shall cause to be published in newspaper(s) circulating
generally within the Borough a notice of the time and place of a public
hearing on the budget and capital program. The public hearing will
take place immediately preceding the regular December meeting of Council
at a time and place designated by the Council.
A.
If the budget is adopted by the ordinance of Council,
the budget shall be deemed to have been adopted. The adopted budget
shall be presented by the Borough Secretary to the Mayor for approval.
If the Mayor approves, he or she shall sign a statement thereof and
return the budget to the Borough Secretary. If the Mayor objects to
any part of the budget, he or she shall append to the budget a statement
of his or her objections with reasons therefor and shall, no later
than the 20th day of December, return the budget with objections to
the Borough Secretary. The Borough Secretary shall thereupon present
the budget and the Mayor's objections to the Council at a special
meeting to be held no later than the 28th day of December. If, after
consideration, a majority of all members of Council vote to approve
the changes made by the Mayor, the budget by ordinance shall be approved.
If, after consideration, the Council by two-thirds vote overrides
the Mayor's objections, then the original budget shall by ordinance
be approved. If the budget is not returned by the Mayor to the Borough
Secretary by the 20th day of December, it shall be deemed adopted.
B.
If a budget has not been adopted, as herein provided,
on or before the first day of January of each year, then the budget
as submitted by the Chair of the Finance Committee shall be the budget
for the ensuing fiscal year.
When the budget shall have been finally adopted,
the Council shall thereupon establish such tax rates as required by
the budget so that the budget shall be balanced as to revenue and
expenditures.
The Council may by ordinance modify the budget
after its final adoption.
No expenditure or payment of any funds of the
Borough shall be made except upon prior approval or ratification of
the Council.
Prior to the 15th of April of each year, the
Council shall provide for an annual audit of the fiscal affairs of
the Borough government by the elected Auditor.
