The Fiscal year of the City shall begin on the 1st day of July
and end on the 30th. day of June of the following year. Such year
shall also constitute the budget year of the City government.
On or before the 15th day of March of each year, the City Manager
shall prepare a complete itemized budget for the next fiscal year
based upon information submitted to him by the various City officers
and department heads which he shall submit to the Council on or before
its first regular meeting in April. The proposed budget shall include:
(a) Detailed estimates, with his supporting explanations, of all proposed
expenditures for each department, office and agency of the City, showing
the expenditures for corresponding items for the last preceding fiscal
year in full, and for the current fiscal year to January first and
estimated expenditures for the balance of the current fiscal 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 revenues of the City from sources
other than taxes, with a comparative statement of the amounts received
by the City from each of the same or similar sources for the last
preceding fiscal year in full, and for the current fiscal year to
January first, and estimated revenues for the balance of the current
fiscal year;
(d) An estimate of the balance or deficit 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 any available unappropriated surplus and any revenues
from other sources, will be necessary to meet the proposed expenditures;
(f) Such other supporting information as the Council may request.
The budget document shall present a complete financial plan
for the ensuing fiscal year and shall contain such detail as the Council
may request or as the City Manager believes necessary. It shall include
at least:
(a) 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 year;
(b) Statements of the bonded and other indebtedness of the City showing
the debt redemption and interest requirements;
(c) Detailed estimates of all anticipated income of the City from sources
other than taxes and borrowing, with comparative statements for previous
years and the current fiscal year;
(d) Statements of the estimated balance of surplus 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 necessary
to meet the proposed expenditures.
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
by the Clerk. A copy of the proposed budget shall be on file and available
to the public for inspection during the 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 regular monthly meeting in May, the Council
shall, by resolution, adopt the budget for the next fiscal year and
shall in such resolution, provide for a levy of the amount necessary
to be raised by tax upon real and personal property for municipal
purposes.
After the budget has been adopted no money shall be drawn from
the treasury of the City, nor shall any obligation for the expenditure
of money be incurred except pursuant to the budget appropriations.
The Council may transfer any unencumbered appropriation balance or
any portion therefrom from one department, fund, or agency to another.
The balance of any appropriation which has not been encumbered at
the end of the fiscal year shall revert to the general fund and may
be reappropriated during the next fiscal year.
At least once each month 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; and if it shall appear that the income 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 cash income.
The Council shall designate a depository or depositories for
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. City
funds may be withdrawn from such depository on the signature of such
person or persons as the Council shall, by resolution, determine.