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.
[Amended 11-8-2016]
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.
[Added 11-8-2016]
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.