The fiscal year of the city shall begin on the first day of October and end on the last day of September. 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 fiscal year.
(Amended at election of 5/7/94)
At least forty-five (45) days prior to the end of each fiscal year the city manager shall submit to the council a proposed budget presenting a complete financial plan for the ensuing fiscal year and a resume of the same shall be printed at least once in a newspaper of general circulation within the city within one week, either before or after, such budget is presented. Such resume shall show any increase or decrease in estimated spending or income for any department. The budget shall be finally adopted not later than the twenty-seventh day of September. Should the council take no final action on or prior to such day, on a proposed budget which has been timely and duly submitted by the city manager, the budget, as submitted, shall be deemed to have been finally adopted by the council. In the event the city manager fails to timely submit a proposed budget as provided herein the council may cause the same to be prepared by someone else and may consider and adopt the same. No budget shall be adopted nor appropriations made except as provided in this article.
(Amended at election of 5/7/94)
From the effective date of the budget, the several amounts stated therein as proposed expenditures shall be and become appropriated to the several objects and purposes therein named. Except as provided in this article no funds of the city shall be expended nor shall any obligation for the expenditure of money be incurred except pursuant to the annual appropriation ordinance provided by this article. At the close of each fiscal year any unencumbered balance of an appropriation shall revert to the fund from which appropriated and become available for reappropriation for the next fiscal year. The council may transfer any unencumbered appropriation balance or portion thereof from one office, department, or agency to another, at any time. The city manager shall have authority, without council approval, to transfer appropriation balances from one expenditure account to another within a single office, department or agency.
(Amended at election of 5/7/94)
At any time in any fiscal year, the council may, pursuant to this section, make emergency appropriations not included in the budget to meet a pressing need for public expenditure, for other than regular or recurring requirements, to protect the public health and/or safety. Such appropriations shall be by ordinance adopted by the favorable votes of three-fourths of the council members qualified and serving. The total amount of all emergency appropriations made in any fiscal year shall not exceed three per centum of the tax levy for that fiscal year. Should the unappropriated and unencumbered revenues, income and available funds of the city for such fiscal year be not sufficient to meet the expenditures under the appropriation authorized by this section, thereby creating a deficit, it shall be the duty of the council to include the amount of such deficit in its budget for the following fiscal year and said deficit shall be paid off and discharged during the said following fiscal year.
(Amended at election of 5/7/94)
All moneys 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 as designated in accordance with the provision of section 14 of article XI of this Charter. All checks, vouchers, or warrants for the withdrawal of money from the city depositories shall have affixed thereto the legal signature of both the mayor and the city secretary or his/her deputy.
(Amended at election of 5/7/94)
The city shall have the power to borrow money on the credit of the city and to issue general obligation bonds for permanent public improvements or for any other public purpose not prohibited by the Constitution and laws of the State of Texas and to issue refunding bonds to refund outstanding bonds of the city previously issued. All such bonds shall be issued in conformity with the laws of the State of Texas.
(Amended at election of 5/7/94)
The city shall have the power to borrow money for the purpose of constructing, purchasing, improving, extending or repairing of public utilities, recreational facilities or any other self-liquidating municipal function not prohibited by the Constitution and laws of the State of Texas and to issue revenue bonds to evidence the obligation thereby created. Such bonds shall be a charge upon and payable solely from the properties, or interest therein pledged, or the income therefrom, or both, and shall never be a debt of the city. All such bonds shall be issued in conformity with the laws of the State of Texas.
(Amended at election of 5/7/94)
No bond (other than refunding bonds issued to refund and in exchange for previously issued outstanding bonds) issued by the city shall be sold for less than par value and accrued interest.
All bonds of the city having been issued and sold in accordance with the terms of this section, and having been delivered to the purchasers thereof, shall thereafter be incontestable and all bonds issued to refund and in exchange for outstanding bonds previously issued shall, after said exchange, be incontestable.
(Amended at election of 5/7/94)
All purchases made and contracts executed 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 and until the manager approves the same and certifies that there is to the credit of such office, department or agency a sufficient unencumbered appropriation and allotment balance to pay for the supplies, materials, equipment, or contractual services for which the contract or order is to be issued. The city shall adopt by resolution a purchasing policy to direct competitive purchasing by the city. The council may by ordinance confer upon the city manager general authority to contract for expenditures without further approval of the council for budgeted items not in the amount allowed by state law.
(Amended at election of 5/7/94)
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 and each member of the council shall receive a copy. 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 results thereof shall be published immediately in the official newspaper of the city and copies placed on file in the city secretary’s office as a public record.
(Amended at election of 5/7/94)