The fiscal year shall begin on the first day of each October
and end on the last day of September of the succeeding year.
(Sec. 10.01 amnd. by Resolution 667-09, prop. 1, adopted 11/12/09)
The chief executive officer shall be responsible for submitting
an annual budget not later than sixty (60) days prior to the first
day of the new fiscal year. This budget is to be filed with the city
secretary and submitted to the council for its review, consideration
and revision. In preparing this budget, each employee, officer, board
and department shall assist the chief executive officer by furnishing
all necessary information.
The budget shall provide a complete financial plan of all city
funds and activities and, except as required by law or this charter,
shall be in such form as the council may require. The budget shall
contain the following information:
(a) The
chief administrative officer’s budget message outlining the
proposed financial policies for the next fiscal year with an explanation
of any changes in expenditures from the previous year and any major
changes in policies and a complete statement regarding the financial
condition of the city;
(b) An estimate
of all revenues from taxes and other sources, including the present
tax structure, rates, and property evaluations for the ensuing year;
(c) A carefully
itemized list of proposed expenses and revenues by fund, service type,
and project for the budget year, as compared to actual expenditures
and revenues of the last ended fiscal year and the projected final
expenditures and revenues for the current fiscal year;
(d) A description
of all outstanding bond indebtedness, showing amount, date of issue,
rate of interest and maturity date; also any other indebtedness which
the city has incurred and which has not been paid;
(e) A statement
proposing any capital expenditures deemed necessary for undertaking
during the next budget year and the recommended provision for financing;
and
(f) A list
of capital projects which should be undertaken within the five (5)
next succeeding years.
(g) The
budget shall contain the following:
(1) Comparative
figures for the estimated tax rate, revenues, and other income and
expenditures compared to the actual and estimated income and expenditures
of the current three (3) fiscal years.
(2) The
proposed expenditures of each office, department, or function.
(3) A
schedule showing the debt service requirement due on all outstanding
indebtedness and on any proposed debt.
(4) The
source or basis of the estimates.
(5) The
total of the proposed expenditures shall not exceed the total estimated
income and the balance of available funds.
If the council fails to adopt the budget by the beginning of
the fiscal year, the amounts appropriated 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 council adopts a budget for the ensuing fiscal year.
The council may amend the budget for any municipal purpose or
as otherwise permitted by law.
The chief executive officer shall present a quarterly financial
report. All income and expenses for the preceding quarter and for
the year to date shall be shown, and shall be compared to the fiscal
budget. This report shall be presented to the city council as a part
of the agenda at a council meeting each quarter. The city secretary
shall provide copies of the quarterly financial reports to the public
at cost, upon request.
The council shall have the power to incur, create, refund and
refinance indebtedness and borrow money for any public purpose; to
issue special or general obligation bonds, revenue bonds, funding
and refunding bonds, time warrants, certificates of obligation and
other evidences of indebtedness and to secure and pay the same in
the manner and in accordance with the procedures provided and required
by state law.
All bonds of the city having been issued and sold and having
been delivered to the purchaser thereof, shall thereafter be incontestable
and all bonds issued to refund in exchange for outstanding bonds previously
issued shall and after said exchange, be incontestable.
The council shall have the power to levy, assess, and collect
taxes on property located in the city for any municipal purpose. The
tax rate shall be calculated, published and adopted in accordance
with state law.