[Amended by the electors by 4-3-1978]
The fiscal year of the City shall begin on the first day of July of each year, commencing July 1, 1978.
The City Manager shall prepare and submit to the Commission on or before the second Monday in May of each year a recommended budget covering the next fiscal year, and shall include therein at least the following information:
(a) 
Detailed estimates, with supporting explanations of proposed expenditures for each department office, and agency of the city together with the expenditures for corresponding items for the last preceding fiscal year in full;
(b) 
Statements of the bonded and other indebtedness of the city, if any, showing the debt redemption and interest requirements, the debt authorized and unissued, and the conditions 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;
(d) 
A statement of the balance or deficit for the end of the past 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 revenues from all other sources, will be necessary to meet the proposed expenditures;
(f) 
Such other supporting information as the Commission may request.
During the month of May in each year, the Commission shall by resolution adopt a budget for that fiscal year, shall appropriate the money needed for municipal purposes and shall provide for a levy of the amount necessary to be raised by taxes upon real and personal property for municipal purposes.
At the beginning of each quarterly period during the fiscal year, and more often if required by the Commission, the City Manager shall submit to the Commission data showing the relation between the estimated and actual revenues and expenditures to date.
The balance in any budget appropriation which has not been encumbered at the end of the fiscal year shall, subject to statutory restrictions, revert to the general fund.
The Commission shall designate depositories for city funds and shall provide for the regular deposit of all city monies. The Commission shall provide for such security for city deposits as is authorized or permitted by statute, except that personal surety bonds shall not be deemed proper security.
An independent audit shall be made of all city accounts at least annually, and more frequently if deemed necessary by the Commission. Such audit shall be made by a Certified Public Accountant experienced in municipal accounting selected by the Commission.
The City Manager shall prepare an annual report of the affairs of the city including a financial report. Copies of such audit and annual report shall be made available for public inspection at the office of the City Manager. A summary of the audit shall be published in a newspaper within 30 days after receipt of the audit.