The fiscal year of the city shall be established by the city
council.
The city manager shall prepare a budget to cover all proposed
expenditures of the city for the succeeding year and such budget shall
be presented to the city council for consideration and approval. Such
budget shall be prepared in conformity with state law. No public money
shall ever be spent or appropriated, except in case of an emergency,
or public calamity, unless funds are currently in the possession of
the city to cover said expenditures or appropriation.
The city council is authorized to select one or more depositories
for city funds in accordance with state law.
The city council shall cause an annual audit to be made of the
books of accounts of each and every department of the city in accordance
with state law. Such audit shall be made by certified public accountants
who shall be selected by the city council, and a contract entered
into from year to year; and such contract shall provide that the books
of the city shall be audited at least annually, and such auditors'
report to the city council shall be accessible to the public or for
publication.