The fiscal year of the city shall begin on the first day of
April and end on the last day of March, unless otherwise provided
by city ordinance.
At least 60 days prior to the end of each fiscal year the Chief
Administrative Officer shall submit to the council a city budget and
an accompanying budget message.
The budget shall provide a complete financial plan of all city
funds and activities for the ensuing fiscal year and, except as required
by law or this charter, shall be in such form as the Chief Administrative
Officer deems desirable or the council may require by resolution or
ordinance. The budget shall indicate in separate sections:
(a) Proposed expenditures for current operations during the ensuing fiscal
year and the method of financing such expenditures;
(b) Proposed capital expenditures during the ensuing fiscal year and
the proposed method of financing each such capital expenditure; and
(c) Anticipated net surplus or deficit for the ensuing fiscal year of
each utility owned or operated by the city and the proposed method
of its disposition; subsidiary budgets for each such utility giving
detailed income and expenditure information shall be attached as appendices
to the budget.
In no event shall the total proposed expenditures for any fund
defined by the city ordinance exceed the estimated revenues to be
received, plus any unencumbered balance from the previous fiscal year,
or less any deficit estimated for the beginning of the fiscal year.
Nothing herein shall be construed as requiring the city to use any
cash balance as current revenue, or to change from a cash basis of
financing its expenditures.
Copies of the budget and the capital program as adopted shall
be public records and shall be made available to the public at suitable
places in the city.
The council shall by ordinance set the tax rate and levy on
the various classes of property as soon as practicable after passage
of the ordinance approving the budget, but no later than August 15th
of each year or as otherwise provided by law. No ordinance setting
such tax rates and levy shall be so adopted until there has been a
public hearing on the proposed ordinance. Notice of such public hearing
shall be published as provided by ordinance.
The city shall be authorized to sell any bonds as may now or
hereafter be authorized by law. Bonds sold by the city may be sold
at private or public sale as authorized by law. In the event such
bonds are to be sold at public sale the same shall be sold upon sealed
proposals after reasonable public notice has been given as provided
by ordinance or otherwise by law. Any public sale shall be conducted
according to the terms and conditions as may be provided by ordinance.