[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.