The fiscal year of all departments of the City government shall commence upon the first day of July and end on the 30th day of June in each year.
Except for the Board of School Commissioners, it shall be the duty of any person who is authorized to incur any indebtedness chargeable to the City, to prepare each October 1 a detailed line-item budget estimate for each department for the upcoming fiscal year.
(Amended 2009, No. M-6, § 2, eff. May 8, 2009.) |
The Mayor shall annually before each November 1 prepare and submit to the Board of Aldermen a proposed budget predicated as necessary to operate all branches of City government. The Board of Aldermen may reduce the proposed budget but may not increase it.
(Amended 1997, No. M-17 (Adj. Sess.), § 8; 2009, No. M-6, § 3, eff. May 8, 2009.) |
The Board of Aldermen shall finalize the General Fund budget and publish to the voters of the City before each December 31. The General Fund budget shall then be promptly warned and placed on the ballot each March for voter approval.
(Amended 2009, No. M-6, § 4, eff. May 8, 2009.) |
The City report shall be published annually, on or before the 15th day of November each year, by the direction of the Mayor. It shall contain a clear statement of the financial affairs of the City, including a record of all expenditures, receipts, and disbursements of the City monies, and the name and amount of compensation for services from the City of every person receiving compensation by way of salary or otherwise in amount of $300 or more a year.
(a)
The credit of the City, other than by temporary loans for a period of not more than one year, shall not be pledged by the Board of Aldermen nor by any officer of said City unless by vote of the legal voters of the City.
(b)
If the legal voters of the City give authority to the Board of Aldermen to pledge the credit of the City for any purpose, including the paying of any deficit, the City is empowered to issue its negotiable orders, warrants, notes, or bonds with interest coupons attached or in register form, to the amount not to exceed the limit prescribed by law. Such notes or bonds shall be payable at such time and at such rate of interest as may be established by the voters, or if no time and rate of interest are fixed thereby, the same shall be established by the Board of Aldermen.
(c)
Bonds, orders, notes, or warrants issued under this section shall be signed by the Mayor and the City Treasurer and countersigned by the City Clerk and if interest coupons are attached thereto they shall be signed by the Treasurer. Such bonds, orders, notes, or warrants shall contain a statement that they are issued in conformity with the provisions of this charter and shall specify the purpose for which they are issued; and such statements shall have the same effect as provided in the case of bonds or notes issued to refund outstanding bonds or notes.