The City Council shall adopt a budget for each fiscal year.
(a) 
The fiscal year shall begin on the first day of October and end on the last day of the following September.
(b) 
The City Manager shall submit to the City Council a balanced budget for the ensuing fiscal year designed to meet the goals and objectives of the City Council and provide a budget message as prescribed by State Law.
(c) 
The budget shall contain the following:
(1) 
Comparative figures for the estimated income and expenditures for the ensuing fiscal year compared to the combination of: Actual income and expenditures through the latest complete accounting period that information is available for at the commencement of budget preparation, and the estimated income and expenditures for the incomplete portion of the current fiscal year.
(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 which shall not exceed the total estimated income and the balance of available funds.
(6) 
Such other information as may be required by the Council or deemed desirable by the City Manager.
(d) 
The Council shall hold one or more public hearings, as prescribed by State Law, on the proposed budget prior to the final adoption.
(e) 
During the fiscal year, the City Council shall have the power to make budget adjustments. Expenditures that could not, by reasonable thought and attention, have been included in the original budget, may be authorized by the City Council. All such authorizations by the City Council shall be filed as amendments to the original budget, including the reasons for such amendments.
(f) 
Defects in the form or preparation of the budget or the failure to perform any procedural requirements shall not invalidate any tax levy, nor shall it invalidate the tax roll.
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 City Council shall conduct an independent annual audit of all accounts and other financial records of the City as prescribed by State Law. The personnel of the firm conducting the audit shall not hold any public office in the City nor have any personal interest, direct or indirect, in the fiscal affairs of the City government or any of its offices. After completion of any audit of the City, the auditor shall prepare a report, and shall submit the report to the City Council, within the timeframe required by state law. The City shall provide copies of the audit report to the public upon request for the same fee charged to those seeking copies of documents under the Texas Public Information Act.
The City Council shall have the power to incur, create, refund and refinance indebtedness and borrow money for public purposes; to issue special or general obligation bonds, revenue bonds, funding and refunding bonds, tax anticipation notes, 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 taxes due the City shall be payable at the office of the Tax Collector, who shall be designated by the Council, and may be paid at any time after the tax rolls for the year have been completed and approved, which shall be no later than October 1st. Taxes shall be paid on or before January 31st, of each year following the year for which the taxes are levied, and all such taxes not paid on or prior to such date shall be deemed delinquent and shall be subject to such penalty and interest as prescribed by State Law. The Council may provide further by ordinance all taxes, whether current or delinquent, due the city may be paid by installments. Failure to levy and assess taxes through omission, in preparation of the approved tax roll, shall not relieve the person, firm, or corporation so omitted from obligation to pay such current or past due taxes as shown to be payable by recheck of the rolls and receipt for the years in question.
The Council shall have the power to levy, assess, and collect taxes on property within the territory of the City for any municipal purpose.
All taxable property situated within the corporate limits of the City on the first day of January of each year, not expressly exempted by law, shall be subject to yearly taxation by the City. As prescribed by State Law, the assessed value of such property shall be One Hundred (100) percent of its appraised value on January 1 as determined by the Tarrant Appraisal District or its successor.
The tax rate shall be calculated, publicized and adopted in accordance with State law.
(a) 
The City Council may pass, by ordinance, exemptions and abatements as provided by State Law. Exemptions and abatements shall include, but not be limited to, over 65 exemptions, disabled exemptions, and abatements.
(b) 
The Tarrant Appraisal District shall prescribe the method and manner in which such exemptions may be secured by qualified property owner(s) according to State Law.
All taxes due the City shall be payable in legal tender to the City or its agent, and shall become due and payable upon receipt of the tax bill. Such taxes shall be delinquent if not paid before February 1 of the year following the year in which imposed. The interest and penalty on delinquent taxes shall be assessed as provided by State Law.
On January 1 of each year, a tax lien in favor of the City attaches to property to secure the payment of all taxes, penalties, and interest ultimately imposed for the year on that property, whether or not the taxes are imposed in the year the lien attaches. The lien shall have priority over all other claims except as provided by law. In addition to the lien herein provided, the owner of the property subject to taxation by the City shall be personally liable for the taxes due thereon for such year.
Except as otherwise provided by law or this Charter, the City Council shall have the power to provide by ordinance such rules, regulations and procedures to enforce and facilitate the collection by and payment to the Tax Collector of all taxes due the City as it may deem expedient, and may provide such penalty and interest as prescribed by State law for the failure to pay such taxes.