The fiscal year of the city is hereby designated as beginning with the first day of October of each year and ending the last day of September next ensuing thereafter.
(2014 Code, sec. 34.01)
The city will designate an official depository in accordance with state law. Checking accounts or savings accounts, as authorized by the city council, shall be established at said bank with the requirement that all checks written against any such account(s) shall require at least two signatures. The authorized persons who may sign city checks are the city manager, mayor, mayor pro-tem, and city secretary.
(2014 Code, sec. 34.10; Ordinance adopting 2021 Code)
The city shall have its records and accounts audited annually and shall have an annual financial statement prepared. The audit shall be performed by a licensed certified public accountant or a public accountant who holds a permit to practice from the state board of public accountancy. Such audit and financial statement shall be filed with the city secretary within one hundred and twenty (120) days after the last day of each fiscal year.
(2014 Code, sec. 34.30)
(a) 
Except in the case of exempted procurements, the city may not purchase or enter into a contract that requires an expenditure of more than fifty thousand dollars ($50,000.00) without first submitting such to competitive sealed bidding, except in the case of high technology procurements in which case the city may take competitive sealed proposals. Exempted procurements shall include the following:
(1) 
A procurement made because of a public calamity that requires the immediate appropriation of money to relieve the necessity of the city’s residents or to preserve city property;
(2) 
A procurement necessary to preserve or protect the public health or safety of the city’s residents;
(3) 
A procurement necessary because of unforeseen damage to public machinery, equipment, or other property;
(4) 
A procurement for personal or professional services;
(5) 
A procurement for work that is performed and paid for by the day as the work progresses;
(6) 
A purchase of land or right-of-way;
(7) 
A procurement of items that are available from only one source;
(8) 
A purchase of rare books, papers, and other library materials for a public library;
(9) 
Paving, drainage, street widening, and other public improvements, or related matters, if at least one-third (1/3) of the cost is to be paid by or through special assessments levied on property that will benefit from the improvements;
(10) 
A public improvement project authorized by the voters for which there is a deficiency of funds for completing the project in accordance with the plans and purposes authorized by the voters;
(11) 
A payment under a contract by which a developer participates in the construction of a public improvement as provided by subchapter C, chapter 212 [of the Local Government Code]; and
(12) 
Personal property sold at an auction by a state licensed auctioneer, at a going out of business sale held in compliance with subchapter F, chapter 17, Business and Commerce Code, or by a political subdivision of this state, a state agency of this state, or an entity of the federal government.
(b) 
Notice of the time and place at which competitive sealed bids or proposals [will be opened]must be published in accordance with the provisions of V.T.C.A., Local Government Code, sections 252.023, 252.041, and 271.025.
(c) 
Bids may be opened by the city council at a public meeting or by an officer or employee of the city at or in an office of the city.
(d) 
A bid that has been opened may not be changed for the purpose of correcting an error in the bid price.
(2014 Code, sec. 34.60; Ordinance adopting 2021 Code)
The city council may condition funding of volunteer or other groups requesting city support on availability of adequate periodic financial information listing income and expenditures by type, amount, and date.
(2014 Code, sec. 34.31)
(a) 
All money received from forfeitures by the police department or from forfeitures of any other law enforcement agency shall be immediately deposited into a special bank account maintained in the city’s authorized depository. Such funds shall be subject to the same signature requirements as other city accounts and payment authorizations shall be documented by the police department by case number or other reference to an eligible expenditure.
(b) 
In the case of monies required for the payment of informants or other criminal investigatory matters, the police chief shall be responsible for requesting documentation and for keeping the amounts withdrawn to the minimum required for the particular prospective activity. He shall also be responsible for the redeposit of unused amounts. The police department case files shall reflect amounts paid for drugs, informants, or other criminal investigatory activity with appropriate safeguards for the protection of individuals or the criminal investigatory process. Sums not required for informants or drug buys may be expended only after receiving budget approval.
(c) 
The city secretary shall maintain a separate account for the special forfeiture account. Amounts budgeted for drug buys or payment of informants shall be deposited into the special account where forfeiture funds are paid.
(2014 Code, sec. 34.32)
The budget officer shall be the mayor of the city.
(2014 Code, sec. 34.20)
The city manager or his designated appointee shall annually prepare a budget to cover all proposed expenditures of the city for the succeeding year.
(2014 Code, sec. 34.21)
The budget shall show all expenditures proposed and shall be carefully itemized to make as clear a comparison as practicable between expenditures included in the proposed budget and actual expenditures for the same or similar purposes for the preceding year. The budget must also clearly show each of the various projects for which appropriations are made in the budget and the budgeted sums for each of such projects. The budget shall also contain a complete financial statement of the city showing all outstanding obligations of the city, the cash on hand to the credit of each and every fund, and funds expected to be received from all sources during the ensuing year, the estimated revenue available to cover the proposed budget, and the estimated rate of tax, if any, which will be required.
(2014 Code, sec. 34.22)
The city manager shall have the authority to require any officer, department head, or other unit of the city government to furnish such information as may, in the mayor’s discretion, be necessary to properly prepare the proposed budget.
(2014 Code, sec. 34.23)
The budget shall be filed with the city secretary ten (10) days prior to the time the city council makes its tax levy for the current fiscal year, or as close as is practical. The budget as filed with the city secretary shall be available for public inspection during all reasonable business hours.
(2014 Code, sec. 34.24)
The city council shall hold a public hearing on the proposed budget. Such public hearing shall occur after the fifteenth (15th) day after the proposed budget has been filed with the city secretary but before the city council makes its tax levy. Public notice of the date, time and location of the hearing shall be given in accordance with the Texas Open Meetings Law and chapter 102 of the Local Government Code.
(2014 Code, sec. 34.25)
On final approval of the budget by the city council, a copy of the budget shall be filed with the city secretary and the Rusk County and Smith County clerk’s office.
(2014 Code, sec. 34.26)