There shall be a department of finance, the director of which shall be the city manager or be appointed by him/her, subject to council approval.
The director of finance shall have knowledge of municipal accounting and taxation and shall have had experience in budgeting and financial control.
The director of finance shall provide a bond with such surety and in such amount as the council may require, except that such bond shall be in an amount of not less than ten thousand dollars. The premium of such bond shall be paid by the city.
The director of finance shall have charge of the administration of the financial affairs of the city and to that end; he/she shall have authority and shall be required to:
(1) 
Compile the estimates of revenues and expenditures for the budget as directed by the city manager.
(2) 
Supervise and be responsible for the disbursement of all moneys and have control over all expenditures to ensure that budget appropriations are not exceeded.
(3) 
Maintain a general accounting system for the city government and each of its offices, departments and agencies; keep books for and exercise financial budgetary control over each office, department and agency; maintain a system of accounting which conforms to the standards set by recognized authorities such as the Municipal Finance Officers Association and the National Committee on Governmental Accounting; and require reports of receipts and disbursements from each receiving and spending agency of the city government, to be made daily or at such intervals as he/she may deem expedient.
(4) 
Submit to the council through the city manager a monthly statement of all receipts and disbursements in sufficient detail to show the exact financial condition of the city.
(5) 
Prepare, as of the end of each fiscal year, a complete financial statement and report.
(6) 
Supervise and be responsible for the collection of those taxes, special assessments, license fees and other revenues of the city or for whose collection the city is responsible and receive all money receivable by the city from the State or Federal Government, or from any court, or from any office, department for agency of the city.
(7) 
Serve as ex officio city treasurer and shall have custody of all public funds belonging to or under the control of the city, or any office, department or agency of the city government, and deposit all funds coming into his hands in such depositories as may be designated by resolution of the council, or by the city manager, if no such resolution be adopted, subject to the requirements of law as to surety and the payment of interest on deposits, but all such interest shall be the property of the city and shall be accounted for and credited to the proper account; provided that some other officer of the city, including the manager, may by ordinance be designated to perform the duties of treasurer.
(8) 
Have custody of and be responsible to the council for all investments and invested funds of the city government, or in possession of such government in a fiduciary capacity, and the safekeeping of all bonds and notes of the city, and the receipt and delivery of city bond[s] and notes for transfer, registration or exchange.
(9) 
Supervise and be responsible for the purchase, storage and distribution of all supplies, materials, equipment and other articles used by any office, department or agency of the city government.
(10) 
Approve all proposed expenditures; and unless he/she shall certify that, there is an unencumbered balance of appropriation and available funds, no appropriation shall be encumbered and no expenditure shall be made.
The city manager may at any time with the approval of the council transfer any unencumbered appropriation balance or portion thereof between general classifications of expenditures within an office, department or agency. At the request of the city manager and within the last three months of the budget year, the council may by resolution transfer any unencumbered appropriation balance or portion thereof from one office, department or agency to another.
The director of finance shall have power and shall be required to:
(1) 
Prescribe the forms of receipts, vouchers, bills or claims to be used by all the offices, departments and agencies of the city.
(2) 
Examine and approve all contracts, orders and other documents by which the city incurs financial obligations, having previously ascertained that moneys have been appropriated and allotted and will be available when the obligations shall become due and payable.
(3) 
Audit and approve before payment all bills, invoices, payrolls and other evidences of claims, demands or charges against the city government and with the advice of the city attorney determine the regularity, legality and correctness of such claims, demands or charges.
(4) 
Inspect and audit any accounts or records of financial transactions which may be maintained in any office, department or agency of the city apart from or subsidiary to the accounts kept in his office.
All appropriations shall lapse at the end of the budget year to the extent that they shall not have been expended or lawfully encumbered.
All fees and charges for city services received by any officer or employee shall belong to the city and shall be paid to the department of finance at such times as required by the director of finance.
The city manager shall direct that purchases of supplies, materials or equipment by the city be made in accordance with policies adopted by the city council and as provided by state law.
The city manager shall direct that the sale of personal property belonging to the city be made in accordance with policies adopted by the city council and as provided by state law.
Capital improvements shall be executed by contract except where such improvements are authorized by the council to be executed directly by a city department in conformity with detailed plans, specifications and estimates. All such contracts shall be awarded in accordance with state law after such public notice and competition as may be prescribed, provided the city council shall have the power to reject all bids, proposals, or statements of qualifications and advertise again. Alterations in any contract may be made when authorized by the council upon written recommendation of the city manager; provide[d] that such alteration is acceptable to the other party of the contract.
All purchases made and contracts executed by the city shall be pursuant to policies and procedures established by the council by ordinance and in accordance with state law.
All checks, vouchers or warrants for the withdrawal of money from the city depository shall be prepared and signed by the city treasurer, or his deputy, and countersigned by the city manager. In the absence of the city manager, checks may be countersigned by the city clerk or some other officer designated by the council by resolution, two different signatures being required. The council may authorize the use of approved mechanical signatures.
In any tax year, in anticipation of the collection of the property tax for such year, whether levied or to be levied in such year, the council may by resolution authorize the borrowing of money by the issuance of negotiable notes of the city, each of which shall be designated “tax anticipation note for the year 20_____” (stating the budget year). Such notes shall mature and be payable not later than the end of the tax year in which the original notes shall have been issued.
In any budget year, in anticipation of the collection or receipt of other revenues of that budget year, the council may by resolution authorize the borrowing of money by the issuance of the negotiable notes of the city, each of which shall be designated “special revenue note for the year 20_____” (stating the budget year). Such notes may be renewed from time to time, but all such notes, together with the renewals shall mature and be payable not later than the end of the fiscal year in which the original notes shall have been issued.
All notes issued pursuant to this article may be sold at not less than par and accrued interest by the director of finance without previous advertisement, but such sale shall be authorized and approved by the council; provided however, that the council shall also have the power by resolution to authorize the temporary or short-term borrowing of money on the credit of the city by the issuance of notes, or by the issuance of time warrants as authorized by law.