The Finance Committee shall be comprised of the Mayor, Council President and two other members of the City Council; one Council member being nominated by the Council President and confirmed by the City Council, the other being nominated by the Mayor and confirmed by the City Council. In addition, the Finance Director and the City Manager shall be nonvoting members.
There shall be a Budget Committee convened annually, not later than the first week in March which shall review and propose the Municipal and School Department budgets for the ensuing fiscal year.
The Budget Committee shall be comprised of the entire City Council. The Mayor shall serve as Chair and shall vote only in case of a tie. The City Manager and the Finance Director shall serve as non-voting staff members to the Committee.
The Budget shall be submitted to the City Council in two parts, one by the City Manager and one by the Superintendent of Schools. The proposed budget shall be submitted by the Superintendent of Schools in the format outlined in Article V, Section 4.
The Budget Committee shall, at the latest, by the first Monday in May each year, submit to the City Council a budget showing the proposed expenditures for the various departments, other principal or subordinate departments and a contingent fund.
A summary of a proposed budget shall be published at least once in a local newspaper of general circulation within the City within 14 days following submission to the City Council.
The City Council may, before adopting the annual appropriation resolve, make appropriations for current department expenses; however, these appropriations will be included in the annual appropriation resolve.
At least one public hearing shall be held on the City budget prior to its adoption by the City Council.
The City budget shall be adopted by the City Council prior to the beginning of the next fiscal year.
Capital Improvement Program. The City Manager and School Committee shall submit to the Budget Committee, Mayor and City Council a Capital Improvement 5-Year Budget Plan at the second regular meeting of the City Council in November of each year. Annually, during the budget process, the City shall appropriate at least five hundredths of one percent (0.05%) of the previous fiscal year’s total taxable valuation for the sole purpose of funding the capital improvements. Should the City Council make a determination that unusual circumstances prevent funding at this level; the City Council may override this requirement. To override the requirement, at least six members of the Council must vote in favor of an override order. Said order shall include the determination and explanation of the unusual circumstances.
The City Council shall adopt the annual appropriation resolve for the current fiscal year. Such resolve shall appropriate those amounts deemed necessary for general City purposes and for a contingent fund.
There shall be no subsequent expenditures authorized for any purpose; however, funds may be transferred from one department to another, the contingent fund, or other source of income, provided the resolution authorizing the transfer is adopted by a 2/3rds vote of the full membership of the City Council and the vote is recorded.
Accounts and records shall be supervised by the Finance Director, showing transactions of all departments included in the budget of the City, the Fire Department, the Police Department, and the School Department. A general accounting system for the budget shall be recommended by the Finance Director and approved by the Municipal Officers. Accounts shall be kept in such a manner as to show fully at all times the financial condition of the City.
The fiscal year of the City shall be July first through June thirtieth of the ensuing year.
Money may be borrowed, within the limits fixed by the Constitution and Statutes of the State, now or hereafter applying to the City of Biddeford, by the issue and sale of bonds or notes pledged on the credit of the City, the proceeds to be used for the acquisition of land, the construction, reconstruction, major alterations, extraordinary repairs, the equipment of buildings and other permanent public improvements, the purchase of department equipment, and the payment or refunding of bonds, notes, and certificates of indebtedness previously issued.
Money shall be paid only in warrants on the City Treasury examined by the City Finance Director and signed by the Mayor.
The Finance Director shall examine all payrolls, bills, and other claims and demands against the City and shall issue no warrant for payment until satisfied that the claim is in proper form, correctly computed, duly certified, and legally due and payable.
All monies received by any officer, employee, or agent of the City belonging to the City, or for or in connection with the business of the City, shall forthwith be paid by the officer, employee, or agent receiving the same into the City Treasury, and shall then be deposited with a federally insured financial institution or institutions to be chosen by the City Council. All interest from all deposits of money belonging to the City shall accrue to the benefit of the City.
The City may invest, lend or otherwise contribute to any private entity for the purposes of assisting that private entity. If there is no exchange of any goods or services, the entity receiving the funds shall provide an annual report to the City regarding the use of the funds which shall be available to the public within 14 days following submission of the proposed budget to the City Council.