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.