The fiscal year of the County shall commence on the first day of January and conclude on the last day in December of each year.
At least 60 days prior to the beginning of the fiscal year the Executive Director shall prepare and submit in Council an operating budget and capital spending program presenting the financial plan for conducting the affairs of the County for the ensuing year.
The operating budget and capital spending program shall be public records, available for public inspection after submission to the Council and prior to adoption, and after adoption, during regular business hours.
Council or a committee of Council shall review the operating budget and capital spending program and not later than the third Monday of November file with the County Clerk its report including any recommendations proposed therein.
Not later than the fourth Monday of November, the County Clerk shall give public notice of the time and place of a public hearing on the operating budget and capital spending program. The public hearing will take place between the third and 10th of December at a time and place designated by Council.
Council in considering the total budget, may revise, alter, increase or decrease items in the operating and capital budgets. At least 10 days before the beginning of the forthcoming fiscal year, Council shall adopt the total budget. If a total budget has not been adopted, as herein provided, on or before the first day of January, then Council may authorize a continuing spending resolution which shall authorize monthly expenditures not exceeding one twelfth of total expenditures recorded for the fiscal year just completed. Such resolutions shall have the effect of permitting the continued operations of County government, but may not be authorized for a period exceeding three consecutive calendar months, that is, beyond the final calendar day of the month of March. Thereafter, if Council has not adopted the budget, then the total budget as originally submitted by the Executive Director shall be the approved total budget for the current fiscal year.
When the budget shall have been finally adopted, the Council shall thereupon establish tax rates so that the budget shall be balanced as to revenue and expenditures.
The County Council may by ordinance modify the budget after its final adoption.
Prior to the 31st of December of each year Council shall provide for an independent annual audit of all fiscal affairs of the County government by a certified public accountant, a firm of certified public accountants a competent independent public accountant, or a firm of independent public accountants, who have no personal financial interest, direct or indirect, in County government. Council may provide for more frequent audits, as well as special audits, as it deems necessary. The results of the annual audit and a financial statement of the fiscal affairs of the County shall be presented to Council. A summary of the annual audit and financial statement shall be published in at least one newspaper of general circulation in the County by no later than the first day of April in the year following the audited fiscal year.
Council shall have the right to borrow funds for implementation of the County Capital Improvements Program.