[R.O. 2008; Ord. No. 6645, 1-23-2020]
The financial procedures of the City
shall be established by Ordinance and shall incorporate the following:
A. Fiscal Year. The City Council shall determine
the fiscal year of the City.
B. Budget Form. The Budget shall be in the
form of an Ordinance setting the Budget for the ensuing fiscal year
by fund. The Budget will further be detailed by estimated revenues
to be received from all sources for the Budget year, with a comparative
statement of actual or estimated revenues for the two (2) years next
preceding, itemized by year, fund and source along with proposed expenditures
for each department, together with a comparative statement of actual
or estimated expenditures for the two (2) years next preceding, itemized
by year, fund, activity and object. The form of the Budget is subject
to applicable Ordinances, state law and Generally Accepted Accounting
Practices.
C. Council Approval Of Budget. No Budget shall
take effect until the same has been approved by the City Council.
The vote of the City Council on any annual Budget shall occur prior
to the last day of the last month of the fiscal year.
D. Public Hearing. At least one (1) Public
Hearing on the Budget shall occur prior to its adoption by the City
Council pursuant to public notice as specified by Ordinance from time
to time.
E. Capital Improvement Program.
1. Submission To City Council. The City Administrator
shall prepare and submit to the City Council a minimum of a five-year
Capital Improvement Program to be included in the Budget.
2. Contents. The Capital Improvement Program
shall include but not limited to the following:
a.
A clear general summary of the contents;
b.
A list of all capital improvements
which are proposed to be undertaken during the five (5) fiscal years
next ensuing, with appropriate supporting information as to the necessity
for such improvements;
c.
Cost estimates, method of financing
and recommended time schedules for each such improvement; and
d.
The estimated annual cost of operating
and maintaining the facilities to be constructed or acquired.
The above information may be revised
and extended each year with regard to capital improvements still pending
or in process of construction or acquisition.
3. City Council Action On Capital Improvement
Program.
a.
Notice And Hearing. The City Council
shall provide notice as specified by Ordinance from time to time stating:
b.
The times and places where copies
of the Capital Improvement Program are available for inspection by
the public; and
(1)
The time and place for a Public Hearing
on the Capital Improvement Program.
(2)
Adoption. The City Council by Ordinance
shall adopt the Capital Improvement Program with or without amendment
after the Public Hearing and on or before the last day of the fiscal
year currently ending.
F. Supplemental Appropriations, Deficit Avoidance,
Transfer Of Appropriations. The Budget Ordinance for the current fiscal
year is at the fund level. Department spending must be held within
the legally appropriated amount within each fund. The Budget may be
amended by the appropriation of additional sums which become available
during the course of the fiscal year or surpluses in unreserved fund
balance/retained earnings. If at any time during the fiscal year it
becomes apparent that there will be insufficient revenues and reserves
to meet the amount appropriated, then the City Council shall take
such action as is necessary to prevent any deficit and may reduce
anyone (1) or more prior appropriations. The City Administrator shall
have the authority, up to the fiscal authority granted by the City
Council, to transfer part or all of any unencumbered appropriation
within a fund upon written request by a department head and approval
of fund availability by the Director of Finance. Any amount over this
shall be required to be approved by the City Council. No monies shall
be transferred between capital funds and operating funds unless approved
by a majority of the City Council.
G. Budget Of Preceding Fiscal Year Governs,
When. In adopting a Budget for a fiscal year, failure to comply with
every requirement prescribed by the preceding paragraphs of this Section
for the adoption of a Budget shall invalidate the Budget. If a valid
Budget for a fiscal year is not approved and adopted by the City Council
prior to the last day of the last month of the preceding fiscal year,
the Budget for the preceding fiscal year shall be deemed to have been
readopted and shall be in effect, so far as it relates to operation
and maintenance expenses, until such time as a Budget for the fiscal
year is adopted in conformity with the requirements of this Charter
other than the date by which approval is to be granted.
H. Fiscal Officer. The fiscal affairs of the
City shall be the responsibility of the Finance Department. The head
of the Finance Department shall be designated the Fiscal Officer of
the City. Qualifications, duties and powers of the Fiscal Officer
shall be set by Ordinance. The Fiscal Officer shall promulgate a policy
and procedures manual that will enumerate Financial Management Policies,
Financial Management and Internal Controls, Budgeting and Operations.
I. Accounting And Financial Practices. To
ensure that City funds are appropriately budgeted, recorded and reported,
the City will utilize an accounting system that conforms to Generally
Accepted Accounting Principles, Standards of the Government Accounting
Standards Board and Missouri Revised Statutes along with other various
Federal and State laws that govern financial practices and reporting.
J. Public Record. Copies of the Budget and
the Capital Improvement Program as adopted shall be public records
and shall be made available to the public at suitable places in the
City.