The fiscal year of the City shall begin on October first of each calendar year and will end on September thirtieth of the following calendar year. The fiscal year will also be established as the accounting and budget year. All funds collected by the City during any fiscal year, including both current and delinquent revenue, shall belong to such fiscal year and, except funds derived to pay interest and create a sinking fund on the bonded indebtedness of the City, may be applied to the payment of the expenses incurred during such fiscal year. Any revenues uncollected at the end of any fiscal year, and any unencumbered funds actually on hand, shall become resources of the next succeeding fiscal year.
The City Manager shall each year submit to the City Council a proposed budget in compliance with state law. In preparing the budget, each employee, officer, board, and department shall assist the City Manager by furnishing all information requested.
The budget and all supporting schedules shall be filed with the City Secretary in accordance with state law, and at that time shall be open to public inspection by anyone interested.
After public hearing, the City Council shall analyze the budget, making any additions or deletions which they feel appropriate, and shall, at least ten (10) days prior to the beginning of the next fiscal year, adopt the budget.
On final adoption, the budget shall be in effect for the fiscal year. Final adoption of the budget by the City Council shall constitute the official appropriations for proposed expenditures for the fiscal 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.
The City Manager may recommend for action by the City Council, an unallocated reserve fund to be used for unexpected items of expense which were not contained as original items of expenditure.
The City Council may, by ordinance, amend or change the budget during the fiscal year as necessary in the interest of the public health, safety, or welfare, in accordance with state law.
At the close of each fiscal year, and at such other times as it may be deemed necessary, the City Council shall cause an independent audit to 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, copies shall be placed on file in the City Secretary's office for public record.