The fiscal year of the Town shall begin on the first day of October and end on the last day of September.
(A) 
The Town Manager shall submit a proposed budget containing a complete financial plan for each fiscal year. Such budget shall be submitted to the Town Council not more than one hundred twenty (120) days but not less than sixty (60) days prior to the beginning of each fiscal year. In addition to requirements of State law, the budget shall contain the following:
(1) 
A brief budget message which shall outline the proposed financial policies of the Town for the fiscal year, shall set forth the reasons for any major changes in expenditure and revenue items from the previous fiscal year, and shall explain any major change in financial policies;
(2) 
Revenue Summary;
(3) 
Departmental Expenditure Summary;
(4) 
Departmental Budget;
(5) 
Schedule of Outstanding Bonded Debt;
(6) 
Schedule of Capital Outlays by Department;
(7) 
Review of Property Valuations;
(8) 
An analysis of Tax Rates;
(9) 
Tax Levies and Tax Collection by year for the last three (3) years;
(10) 
A provision for financing the current Capital Improvement Program; and
(11) 
Other such information as may be required by the Town Council.
(B) 
In preparing the budget, the Town Manager shall place in parallel columns opposite the several items of revenues and expenditures the actual amount of each item for the last complete fiscal year, the estimated amount for the current fiscal year, and the proposed amount for the ensuing fiscal year.
(A) 
The Town Manager shall submit a five-year (5-year) Capital Improvement Program as an attachment to the annual budget. The Program as submitted shall include:
(1) 
A clear general summary of its contents;
(2) 
A list of all capital improvements that are proposed for the five (5) fiscal years succeeding the budget year, with appropriate supporting information as to the necessity for such improvements;
(3) 
Cost estimates, method of financing, and recommended time schedules for each improvement; and
(4) 
The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
(B) 
The above information may be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition. The Capital Improvement Program will be updated and presented to the Town Council annually.
(A) 
Notice of Hearing.
The Town Council shall have published a notice for a public hearing on the budget in accordance with State law.
(B) 
Amendment before Adoption.
After the public hearing, the Town Council may adopt the budget with or without amendment. In amending the budget, the Town Council may add or increase programs or amounts and may delete or decrease any programs or amounts, except expenditures required by law or for debt service.
(C) 
Adoption.
On or before the 20th day of the last month of the fiscal year currently ending, the Town Council shall adopt the budget by ordinance and by an affirmative vote of a majority of the members of the Town Council then qualified and serving. If the Town Council fails to adopt the budget by this date, the amounts appropriated for current operation for the current fiscal year shall be deemed adopted for the ensuing fiscal year on a month-to-month basis, with all items in it pro-rated accordingly, until such time as the Town Council adopts a budget for the ensuing fiscal year. Adoption of the budget shall constitute appropriations of the amounts specified therein as expenditures from the funds indicated and shall constitute a levy of the property tax therein proposed.
(A) 
Amendments Allowed.
Under conditions which may arise and which could not have been foreseen in the normal process of budget preparation, and at the conclusion of any public hearing required by this section 6.05, the Town Council may, by an affirmative vote of a majority of the members of the Town Council then qualified and serving, amend the budget. Such amendments shall be by ordinance and shall become an attachment to the original budget.
(B) 
Public Hearing Requirement.
Excepting budget amendments for emergency purposes under section 3.11 of this Charter and state law, including section 252.022 of the Texas Local Government Code, as amended, the Town Council shall hold a public hearing on (1) any proposed budget amendment that will increase the general fund total approved budget by one and one-half percent (1.5%) or more, and (2) any mid-year budget amendment. Any person may attend and may participate in the hearing. The public hearing shall be held at a regular meeting of the Town Council. Any other budget amendment to the general fund or any other fund does not require a public hearing.
(C) 
Notice of Hearing.
If a public hearing is required, the Town Council shall have published a notice for the public hearing on the budget amendment not earlier than the 30th day or later than the 10th day before the date of the hearing, which shall contain a general summary of the proposed amendment.
Every appropriation, except an appropriation for a capital expenditure, shall lapse at the close of the fiscal year to the extent that it has not been expended or encumbered. An appropriation for a capital expenditure shall continue in force until the purpose for which it was made has been accomplished or abandoned. Unless otherwise provided by law, any funds not expended, disbursed or encumbered shall be deemed excess funds.
No payment shall be made or obligation incurred against any allotment or appropriation unless the Town Manager or his designee first certifies that there is a sufficient unencumbered balance in such allotments or appropriations and that sufficient funds therefrom are or will be available to cover the claim or meet the obligation when it becomes due and payable. 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 incurred such obligation, and he or she shall also be liable to the Town for any amount so paid. However, except where prohibited by law, nothing in this Charter shall be construed to prevent the making or authorizing of payments or making of contracts for capital improvements to be financed wholly or partly by the issuance of bonds or to prevent the making of any contract or lease providing for payments beyond the end of the fiscal year, provided that such action is made or approved by ordinance.
(A) 
The Town shall have the power to borrow money on the credit of the Town and also to issue or incur bonds and other evidences of indebtedness, and such powers may be exercised to finance public improvements or for any other public purpose not prohibited by the Constitution and the laws of the State of Texas. The Town may issue refunding bonds to refund outstanding bonds and other evidences of indebtedness of the Town previously issued or incurred.
(B) 
All such bonds and other evidences of indebtedness shall be issued in conformity with the laws of the State of Texas and may be secured by or paid, in whole or in part, from ad valorem tax revenues, revenues derived from other taxing powers of the Town, [or] revenues derived by the Town from any fee or service charge, including revenues derived from the operations of any public utilities, utility systems, recreational facilities or any other municipal function to the extent not prohibited by the Constitution and laws of the State of Texas. Such bonds or evidences of indebtedness may be a charge upon and payable from the properties, or interest therein pledged, or the income therefrom, or both to the extent not prohibited by the Constitution or laws of the State of Texas. The proceeds of bonds or other evidences of indebtedness issued or incurred by the Town shall be used only for the purpose for which the bonds or other indebtedness was issued or incurred.
The Town Council may by ordinance set a maximum amount for which the Town Manager shall be authorized to execute contracts and/or to expend funds for budgeted items; provided however, that all such contracts and expenditures subject to State laws requiring competitive bids shall comply with such laws. The Town Council may by ordinance establish an amount above which all contracts or purchases must be approved in advance by the Town Council. All contracts and purchases shall be handled in a manner to obtain the best value for the Town.
The Town Council shall appoint a certified public accountant to make a complete audit of the books and accounts of each Town Department at the close of every fiscal year and present his or her report to the Town Council. Upon completion of the audit, that fact shall be published forthwith in the official newspaper of the Town. Such audit report shall be filed with the Town Secretary and shall be available for public inspection. No more than five (5) consecutive annual audits shall be completed by the same firm without the Town first requesting from other firms proposals for the annual audit services. The certified public accountant selected shall have no personal interest, directly or indirectly, in the financial affairs of the Town or any of its officers.
(A) 
The Town Council shall have the power under the provisions of State law to levy, assess and collect an annual tax upon taxable property within the Town provided, however, that the tax for any one year shall not exceed one and one-half per cent of the taxable property of the Town. The Town Council shall have the further power to establish a tax on sales within the Town, to the maximum extent provided by the Constitution and laws of the State of Texas. The Town Council shall have the further power to levy, assess and collect all other types of taxes as provided and permitted by the Constitution and laws of the State of Texas.
(B) 
The Town Council shall have the power to grant tax exemptions in accordance with the laws of the State of Texas.
The Town Council shall prescribe by ordinance the methods, procedures, rules and regulations by which its power to tax may be implemented, and by which any taxes thereby imposed may be enforced and collected.
All taxes due to the Town shall be payable at a location designated by the Town Council. Taxes shall be due and shall become delinquent as provided in the Texas Tax Code, which Code further provides for delinquent taxes, interest, penalty and procedures for the collection of taxes.
The Town shall have all the rights granted by State law to collect taxes and to enforce collection by lien foreclosures and other procedures set forth by State law pertaining to real and personal property.
The provisions of the laws of the State of Texas, governing the selection and designation of the Town Depository, are hereby adopted as the law governing the selection and designation of a depository of and for the Town.
The Town Manager may invest any Town monies in accordance with policies adopted by the Town Council and as provided by State law. Such policies shall be reviewed by the Town Council annually.