(a) 
Be it ordained by the town council that the corporation of said town by the county court of Ellis County on or about August 16, 1891, is hereby done away with and we do declare we have accepted the general law of the state in regard to the incorporation of cities and towns as the law hereof to govern and be in force in the territorial limits of said municipal government, and the said Town of Italy shall be known in law as the City of Italy, Texas, and subject to the provisions of title 18, chapters 1–10 of the Revised Civil Statutes of the state.
(b) 
The city, duly incorporated under the general laws of the state, accepts the provisions of title 28, Revised Civil Statutes of 1925 (title 22, Revised Civil Statutes of 1911) and certifies the form of government has not changed since its incorporation.
(1990 Code, ch. 1, sec. 1)
(a) 
Budget officer.
The budget officer for the city shall be the mayor.
(b) 
Preparation.
The budget officer, with the assistance of the city staff, shall prepare a budget annually to cover all proposed expenditures of the municipal government for the succeeding year, in accordance with V.T.C.A., Local Government Code, chapter 102.
(1990 Code, ch. 1, sec. 2.A, B)
The city’s fiscal year is designated as beginning the first day of October of each year and ending the last day of September next ensuing thereafter.
(1990 Code, ch. 1, sec. 2.C)