The fiscal and budget year of the city shall begin on the first
day of July.
On or before the 15th day of February in each year, each city
officer and department head shall submit to the city manager an itemized
estimate of the expenditures for the next fiscal year, for the department
or activities under his control. The city manager shall prepare a
complete itemized budget proposal for the next fiscal year of the
city and shall submit it to the council on or before the first day
of April, preceding the fiscal year of the city.
The budget proposal shall present a complete financial plan
for the ensuing fiscal year. It shall include at least the following
information:
(a) Detailed estimates of all proposed expenditures for each department
and office of the city, showing the expenditures for corresponding
items for the current and last preceding fiscal years, with reasons
for increases and decreases recommended, as compared with appropriations
for the current year;
(b) Statements of the bonded and other indebtedness of the city showing
the debt redemption and interest requirements, the debt authorized
and unissued, and the condition of sinking funds, if any;
(c) Detailed estimates of all anticipated income of the city from sources
other than taxes and borrowing, with a comparative statement of the
amounts received by the city from each of the same or similar sources
for the last preceding and current fiscal years;
(d) A statement of the estimated balance or deficit, as the case may
be, for the end of the current fiscal year;
(e) An estimate of the amount of money to be raised from current and
delinquent taxes, and the amount to be raised from bond issues which,
together with income from other sources, will be necessary to meet
the proposed expenditures;
(f) Such other supporting schedules as the council may deem necessary.
A public hearing on the budget shall be held before its final
adoption, at such time and place as the council shall direct, and
notice of such public hearing shall be published at least one week
in advance thereof by the clerk. A copy of the proposed budget shall
be on file and available to the public for inspection during office
hours at the office of the clerk for a period of not less than one
week prior to such public hearing.
Not later than the first meeting of the council in the month
of May, the council shall, by resolution, adopt the budget for the
next fiscal year and shall in such resolution make an appropriation
of the money needed for municipal purposes during the ensuing fiscal
year of the city and provide for a levy of the amount necessary to
be raised by taxes upon real and personal property for municipal purposes,
which levy shall not exceed 1 3/4% of the assessed valuation
of all real and personal property in the city; provided, that such
levy may be increased by a majority of the electors of the city voting
at the election at which the proposition to do so shall be so submitted,
but such increase shall be limited to an amount which will not cause
the total levy under authority of this section to exceed 2% of the
assessed value of the real and personal property in the city.
The council may establish and maintain a fund or funds for the
purpose of appropriating, providing, setting aside, and accumulating
moneys to be used for acquiring, extending, altering, or repairing
public improvements which the city is authorized by law to acquire,
alter, or enlarge. Moneys so appropriated, set aside, or accumulated
shall not be transferred, encumbered, or otherwise disposed of, except
for the purpose for which they were appropriated, set aside, or accumulated,
unless approved by a vote of 3/5 of the electors of the city voting
thereon, at a regular or special municipal election.
After the budget has been adopted, no money shall be drawn from
the treasury of the city nor shall any obligation for the expenditures
of money be incurred, except pursuant to the budget appropriation.
The council may, however, transfer any unencumbered operating appropriation
balance, or any portion thereof, from one city operating fund to another,
upon the written recommendation of the city manager by a vote of not
less than six members of the council; provided, that any such appropriation
balance under the control of any board of the city may be transferred
only with the consent of such board. The balance in any budget appropriation,
except such as may be appropriated for the payment of any debt of
the city, which has not been encumbered at the end of each fiscal
year shall revert to the general fund and shall be subject to the
allocations made in the budget of the next fiscal year.
At the beginning of each quarterly period during the fiscal
year, and more often if required by the council, the city manager
shall submit to the council data showing the relation between the
estimated and actual income and expenses to date. If it shall appear
that the income of the city is less than anticipated, the council
may reduce appropriations, except amounts required for debt and interest
charges, to such a degree as may be necessary to keep expenditures
within the income of the city.
The council shall designate the depository or depositories for
the city funds, and shall provide for the regular deposit of all city
moneys. The council shall provide for such security for city deposits
as is authorized or permitted by the general laws of the state, except
that personal surety bonds shall not be deemed proper security.
Unless otherwise provided by this Charter, all funds drawn from
the treasury shall be drawn pursuant to the authority and appropriation
of the council and by checks signed by either of two officers of the
city, to be designated by resolution of the council, and countersigned
by the city auditor. Each such check shall specify the fund or funds
from which it is payable and shall be paid from no other fund or funds.
An independent audit shall be made of all accounts of the city
government at least annually or more frequently if deemed necessary
by the council. Such audit shall be made by certified public accountants
experienced in municipal accounting and shall be completed within
90 days following the close of the fiscal year. The results of such
audit shall be made public in such manner as the council may determine.
Subject to the applicable provisions of state law and this Charter,
the council, by proper ordinance or resolution, may authorize the
borrowing of money on the credit of the city and the issuing of bonds
therefor, for any purpose within the scope of its powers. The net
bonded indebtedness incurred for all public purposes shall not at
any time exceed 10% of the assessed value of all the real and personal
property in the city; provided, that in case of fire, flood, or other
calamity, the council may borrow for the relief of the inhabitants
of the city and for the preservation of municipal property, a sum
not to exceed 3/8% of the assessed value of all the real and personal
property in the city, due in not more than five years, even if such
loan would cause the indebtedness of the city to exceed the limit
fixed in this Charter. In computing the net bonded indebtedness for
the purpose hereof, the following shall not be included:
(1) Bonds issued in anticipation of the payment of special assessments,
even though they are also a general obligation of the city;
(2) Mortgage bonds, which are secured only by a mortgage on the property
or franchise of a public utility;
(3) The principal and interest of revenue bonds which are payable solely
from net revenues derived from the operation of the public improvement
purchased, acquired, constructed, improved, enlarged, extended, or
repaired, or any combination thereof, by the proceeds of such bonds;
(4) Bonds issued to refund moneys advanced or paid on special assessments
for water main extensions.
The resources of the sinking fund pledged for the retirement
of any outstanding bonds shall also be deducted from the amount of
the bonded indebtedness. No bond of the city, regardless of type or
purpose, shall bear interest at a rate to exceed 6% per annum.
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The council may borrow money and issue the bonds of the city
therefor in anticipation of the payment of special assessments, which
bonds shall be either solely an obligation of the special assessment
district, or both an obligation of the special assessment district
and a general obligation of the city. All collections on special assessment
rolls shall be set apart in a special fund and shall be used for the
purpose for which they were levied and for the payment of the principal
and interest on any bonds issued in anticipation of the payment of
such special assessments. If there be any deficiency in the special
assessment fund to meet the payment of any such principal and interest,
moneys shall be advanced from the general funds of the city to meet
such deficiency and shall be replaced in such general fund when the
special assessment fund shall be sufficient therefor.
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Subject to the applicable provisions of state law, the city
may borrow money and issue its bonds therefor, the principal and interest
of which bonds shall be payable solely from the net revenues of the
public improvement purchased, acquired, constructed, improved, enlarged,
extended, or repaired, for the purpose of defraying the whole or a
part of the cost of purchasing, acquiring, constructing, improving,
enlarging, extending, or repairing any public improvement of the city
which the city is permitted by law to acquire, own, or operate.
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The city may issue mortgage bonds beyond the general limit of
indebtedness prescribed by law for the purpose of acquiring, extending,
or improving any public utility, for supplying water, light, heat,
or power, owned or operated by it, or which it is authorized to acquire;
provided, that such mortgage bonds issued beyond the general limit
of bonded indebtedness prescribed by law shall not impose any liability
upon the city, but shall be secured only upon the property and revenues
of such public utility, including a franchise, stating the terms upon
which, in case of foreclosure, the purchaser may operate the same,
which franchise shall in no case extend for a longer period than 20
years from the date of the sale of such utility and franchise on foreclosure.
Such mortgage bonds shall be sold to yield not to exceed 6% per annum.
In the event that any such mortgage bonds are sold by the city, there
shall be created a sinking fund by setting aside such percentage of
the gross or net earnings of the public utility as may be deemed sufficient
for the payment of the mortgage at maturity.
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The council may also borrow money on the faith and credit of
the city, to provide for the refunding from time to time of moneys
advanced or paid on special assessments imposed for water main extensions
as buildings shall be connected with such water main extensions, and
for the issuance of bonds therefor due in not more than 30 years in
the amount not to exceed $15,000 and at the rate of interest, which
shall not exceed 6%.
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No unissued bonds of the city shall be issued or sold to secure
funds for any purpose other than that for which they were specifically
authorized, and, if any such bonds are not issued or sold within three
years after authorization, such authorization shall, as to such bonds,
be null and void.