The fiscal year of the City of Granbury shall begin on October 1st of each calendar year and will end on September 30th of the following calendar year. The fiscal year will also be established as the accounting and budget year. The accounts of the City shall be organized and accounted for in accordance with generally accepted accounting principles as applicable to governmental entities. Any unreserved fund equity at the end of any fiscal year shall become resources of the next succeeding fiscal year.
(Section 7.05 amended by election held November 6, 2018)
The City Manager, prior to August 1st of each year, shall prepare and submit a proposed budget, covering the next fiscal year, to the Council, which shall contain the following information. In preparing the proposed budget, each employee, officer, board and department shall assist the City Manager by furnishing all necessary information.
a. 
The City Manager’s budget message shall outline the proposed financial policies for the next year with explanations of any change from previous years in expenditures and any major changes of policy and complete statement regarding the financial conditions of the City;
b. 
An estimate of all revenue from taxes and other sources including the present tax structure rates and property evaluation for the ensuing year;
c. 
An itemized list of proposed expenses by office, department, agency, project, and type of expenditure for the budget year, as compared to actual expenses of the last ended fiscal year, and the present year-to-date;
d. 
A description of all outstanding bond indebtedness, showing amount, purchaser, date of issue, rate of interest, and maturity date, as well as any other indebtedness which the City had incurred and which has not been paid, and the amount required to pay the principal and interest maturing in the budget year;
e. 
A statement proposing any capital expenditures deemed necessary for undertaking during the next budget year and recommended provisions for financing;
f. 
A Capital Program, which may be revised and extended each year to indicate capital improvements pending or in process of construction or acquisition, and shall include the following items:
1) 
A summary of proposed programs;
2) 
A list of all capital improvements which are proposed to be undertaken during the five fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements;
3) 
Cost estimates, method of financing and recommended time schedules for each such improvement; and
4) 
The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
g. 
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; and
h. 
The submitted budget shall provide for a budget surplus equal to no less than one percent (1%) of the proposed budget total.
(Section 7.05 amended by election held November 6, 2018)
The proposed budget and all supporting schedules shall be filed with the City Secretary when submitted to the Council and shall be open to public inspection by anyone interested.
(Section 7.05 amended by election held November 6, 2018)
At the Council meeting at which time the budget is submitted, the Council shall name the date, time and place of a public hearing and shall cause same to be published in a newspaper of the City in accordance with State Law. At this hearing, interested citizens may express their opinions concerning items of expenditure, giving their reasons for wishing the increase or decrease in any items of expense.
(Section 7.05 amended by election held November 6, 2018)
After public hearing, the Council shall analyze the budget, making any additions or deletions which they feel appropriate, and shall, at least twenty (20) days prior to the beginning of the next fiscal year, adopt the budget by a vote of not less than four (4) Members of the City Council.
Should the Council take no final action on or prior to such day, the budget, as submitted, shall be deemed to have been finally and unanimously adopted by the Council. In any event, no budget shall be adopted or appropriations made unless the total of estimated revenues, income and funds available shall be equal to or in excess of such budget or appropriations, except as otherwise provided in this Article.
(Section 7.05 amended by election held November 6, 2018)
On final adoption, the budget shall be in effect for the budget year. Final adoption of the budget by the Council shall constitute the official appropriations as proposed expenditures for the current year and shall constitute the basis of the official levy of the property tax as the amount of tax to be assessed and collected for the corresponding tax year. Estimated expenditures will in no case exceed proposed revenue plus cash on hand. Unused appropriations may be transferred to any item required for the same general purpose.
(Section 7.08 amended by election held November 7, 2006)
The City Manager may recommend for action by the Council, an unallocated reserve fund to be used for unexpected items of expense which were not contained as original items of expenditures.
(Section 7.08 amended by election held November 7, 2006)
No obligations shall be incurred against any allotment or appropriation except in accordance with the appropriations duly made in the budget unless the City Manager or his designee first certifies that there are sufficient unencumbered funds available to cover the claim or meet the obligation when it comes due and payable. Notwithstanding anything above, there shall be no transfer of budgeted funds or monies from one fund to another without Council approval.
Any authorization of payment or incurring of obligation in violation of the provisions of this Charter shall be void and any payment so made illegal. Such action shall be cause for removal of any officer who knowingly authorized or made such payment or obligation and the officer may be liable to the City for any losses incurred by the City.
(Section 7.08 amended by election held November 7, 2006)
The City Manager shall submit to the Council each month a report of the financial condition of the City by budget item, budget estimate compared to accruals for the preceding month and for the fiscal year-to-date.
(Section 7.10 amended by election held November 6, 2018)
At any time in any fiscal year, the Council may, pursuant to this Section, make budget amendments to meet a pressing need for public expenditure, for other than regular or recurring requirements, to protect the public health, safety or welfare. Such amendments shall be by ordinance adopted, by a vote of not less than four (4) Members of the City Council, and shall be made only after public notice and upon recommendation of the City Manager. In cases of grave public necessity, in which an emergency expenditure is needed in unusual and unforeseen conditions which could not, by reasonable diligent thought and attention, have been included in the original budget, an amendment to the original budget may be authorized by the Council, without the need for prior public notice, and with the following additional requirements:
a. 
That a quorum of the City Council and the Mayor sign a statement that the conditions above stated exist and setting out in brief form the factual basis for their conclusion;
b. 
Publish the affidavit in a paper of city-wide publication once in the week immediately following their decision; and
c. 
Hold a public hearing to brief the public and answer questions, as primary item of business on the agenda of the next regularly scheduled City Council meeting.
(Section 7.10 amended by election held November 6, 2018)
A copy of the budget, as finally adopted, shall be filed with the City Secretary. The final budget shall be printed, mimeographed or otherwise reproduced and sufficient copies shall be made available for the use of all offices, agencies, and for the use of interested persons and civic organizations.
(Section 7.14 amended by election held November 7, 2006)
At the close of each fiscal year, and at such other times as it may be deemed necessary, the Council shall direct that an independent audit be made of all accounts of the City by a Certified Public Accountant. The Certified Public Accountant shall have no personal interest, directly or indirectly, in the financial affairs of the City or any of its officers. Upon completion of the audit, the summary documents thereof shall be filed in the office of the Municipal Secretary as a public record.
(Section 7.14 amended by election held November 7, 2006)
The City Council may by ordinance, give the City Manager general authority to contract for expenditure without further approval of the City Council for all budgeted items not exceeding the limits set by the City Council within the ordinance, in accordance with State law.
All contracts for expenditures or purchases involving more than the limits must be expressly approved in advance by the City Council. All contracts or purchases involving more than the limits set by the City Council shall be awarded by the City Council, in accordance with state law.
Emergency contracts as authorized by law and this Charter may be negotiated by the City Council or City Manager if authority is given by the City Council, without competitive bidding, and in accordance with state law. Such emergency shall be declared by the City Manager and approved by the City Council, or may be declared by the City Council.
All City contracts or purchases will be submitted for competitive bids if required by state law, in accordance with state law.
(Section 7.14 amended by election held November 7, 2006)
The City shall have the right to establish other funds as deemed necessary to fulfill the needs of the City after holding a public hearing as set forth in Section 7.04.
(Section 8.01 amended by an election held November 6, 2018)
The City Council shall approve an investment policy for the City of Granbury in accordance with all federal and state laws and regulations and the local government codes. Investments should be made in such a manner as to protect principal and reports of investments should be made to City Council on a quarterly basis.
(Section 8.01 amended by an election held November 6, 2018)
Editor’s note–Former section 7.17, pertaining to powers of taxation was deleted and repealed by an election held on November 6, 2018, which was formerly amended by an election held November 7, 2006.