The fiscal year of the city is hereby designated as beginning with the first (1st) day of October of each year and ending the thirtieth (30th) day of September next ensuing thereafter.
(2000 Code, art. 1.600)
An audit of the books of account of the city shall be made and filed annually in accordance with chapter 103, V.T.C.A., Local Government Code.
(2000 Code, art. 1.700)
The Citizens State Bank, Hubbard, Texas, is hereby designated as the official depository of the city.
(2000 Code, art. 1.800; Ordinance adopting Code)
Capital assets shall be defined as land, buildings (and the improvements thereto that materially increase their value or useful life), and any article of tangible personal property having an original purchase price of $5,000.00 or more, including the purchase price and any other charges incurred to place the asset in its intended location and condition for use, and having an estimated useful life of at least two years following the date of acquisition. Capitalization thresholds should be applied to individual fixed assets rather than to groups of fixed assets (e.g., desks, tables). Control over noncapitalized fixed assets should be exercised by establishing and maintaining adequate control procedures at the department level.
(Ordinance 031604-03 adopted 3/16/04)
The city manager shall, with the aid and counsel of the members of the city council and city staff, annually prepare a budget to cover all proposed expenditures of the government of the city for the succeeding year, in accordance with chapter 102, V.T.C.A., Local Government Code.
(2000 Code, sec. 1.502)
The budget shall show all expenditures proposed and shall be carefully itemized so as to make as clear a comparison as practicable between expenditures included in the proposed budget and actual expenditures for the same or similar purposes for the preceding year. The budget must also show as definitely as possible each of the various projects for which appropriations are made in the budget and the budgeted sums for each of such projects. The budget shall also contain a complete financial statement of the city showing all outstanding obligations of the city, the cash on hand to the credit of each and every fund, and funds received from all sources during the previous year, the funds available to cover the proposed budget, and the estimated rate of tax which will be required.
(2000 Code, sec. 1.503)
The city manager shall have the authority to require any officer or other unit of the city government to furnish such information as may, in the city manager’s discretion, be necessary to afford proper preparation of the proposed budget.
(2000 Code, sec. 1.504)
The budget shall be filed with the city secretary not less than thirty (30) days prior to the time the council makes its tax levy for the current fiscal year.
(2000 Code, sec. 1.505)