The fiscal year of the city shall begin on the first day of
each October and end on the last day of September of the succeeding
year. All funds collected by the city during any fiscal year, including
both current and delinquent revenues, shall belong to such fiscal
year and, except for funds derived to pay interest and create a sinking
fund on the bonded indebtedness of the city, may be applied to the
payment of expenses incurred during such fiscal year, except as provided
in this charter. 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.
Copies of the budget adopted shall be public records and shall
be made available to the public for inspection upon request.
In the absence of unappropriated available revenues or other funds to meet emergency appropriations provided for under the preceding Section
8.04, the council may by resolution authorize the borrowing of money to meet such deficit as provided by law.
In any fiscal year, in anticipation of the collection of the
ad valorem property tax for such year, whether levied or to be levied
in such year, the council may by resolution authorize the borrowing
of money, not to exceed in any fiscal year an amount equal to ten
(10) percent of the budget for that fiscal year. Such borrowing shall
be by the issuance of negotiable notes of the city, each of which
shall be designated, "Tax Anticipation Note for the Year 19__" (stating
the tax year). Such notes shall mature and be payable not later than
the end of the fiscal year in which issued.
All monies received by any person, department or agency of the
city for or in connection with affairs of the city shall be deposited
promptly in the city depository or depositories, which shall be designated
by the council in accordance with such regulations and subject to
such requirements as to security for deposits and interest thereon
as may be established by ordinance. All checks, vouchers or warrants
for the withdrawal of money from the city depositories shall be signed
by the mayor and countersigned by the city manager or city secretary.
Provided that the council, under such regulations and limitations
as it may prescribe, may by ordinance authorize the use of machine-imprinted
facsimile signatures of said mayor and city manager on such checks,
vouchers and warrants.
All purchases made and contracts entered into by the city shall
be pursuant to a requisition from the head of the office, department,
or agency whose appropriation will be charged and no contract or order
shall be binding upon the city unless the city manager or his designee
approves the same. All purchases made and contracts entered into by
the city shall be in accordance with the procedural requirements of
the Constitution and laws of the State of Texas, intending hereby
to adopt the competitive bidding procedures as set forth in the Revised
Civil Statutes of Texas, as amended from time to time. Provided however,
that the council or the city manager in such cases as he is authorized
to contract for the city, shall have the right to reject any and all
bids. Contracts for personal or professional services shall not be
let on competitive bids. No individual purchase or contract requiring
payment in excess of three hundred dollars ($300.00) shall be paid
by the city until examined and approved by at least two (2) members
of the city council.
At the close of each fiscal year, and at such other times as
it may be deemed necessary, the council shall cause an independent
audit to be made of all accounts of the city by a certified public
accountant. The certified public accountant so selected 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 thereof shall be published immediately in the official
newspaper of the City of Hillsboro and copies of the audit placed
on file in the city secretary's office as public record.