The fiscal year of the Municipality shall begin on the first day of January and end on the last day of December of each year.
On or before the first day of November of each year the Manager shall submit to the Commission a proposed budget for the ensuing fiscal year and an accompanying message.
The Manager’s budget message shall explain the budget both in fiscal terms and in terms of programs. It shall outline the proposed financial policies of the Municipality for the ensuing fiscal year, describe the important features of the budget, indicate any major changes from the current year in financial policies, expenditures, and revenues, together with the reasons for such changes, summarize the Municipality’s debt position, and include such other material as the Manager deems desirable.
The budget shall provide a complete financial plan of all municipal funds and activities for the ensuing fiscal year and, except as required by this Charter, shall be in such form as the Manager deems desirable or the Commission may require. In organizing the budget the Manager shall utilize the most feasible combination of expenditure classification by fund, organization unit, program, purpose of activity and object. The budget shall contain, among other things, the following:
1) 
It shall begin with a general summary of its contents.
2) 
It shall show in detail all estimated income, indicating the existing and proposed tax levies, as well as other assessments, rentals, fees, charges, and other income.
3) 
It shall show the number of proposed employees in each job classification and the number presently employed in each job classification.
4) 
It shall be so arranged as to show comparative figures for actual and estimated income and expenditures for the current fiscal year and actual income and expenditures of the preceding fiscal year.
5) 
It shall indicate proposed operating expenditures, including debt service during the ensuing fiscal year, detailed by offices, departments and agencies, in terms of their respective work programs and the proposed methods of financing such expenditures.
6) 
It shall indicate proposed capital expenditures during the ensuing fiscal year, detailed by offices, departments and agencies when practicable, and the proposed method of financing each such capital expenditure.
7) 
It shall indicate any anticipated net surplus or deficit for the ensuing fiscal year of each utility owned or operated by the Municipality and the proposed method of its disposition; subsidiary budgets for each such utility giving detailed income and expenditure information shall be attached as appendices to the budget.
The total of proposed expenditures shall not exceed the total of estimated income.
The Commission shall Publish the general summary of the budget and a notice stating:
1) 
The times when and places where copies of the message and budget are available for inspection by the public, and
2) 
The place and time, not less than two weeks after such Publication, for a public hearing on the budget.
After the public hearing, the Commission may adopt the budget with or without amendment.
Should the Commission fail to adopt a budget on or before the last day of the last month of the fiscal year currently ending, the amounts appropriated for current operation of the current fiscal year shall be deemed adopted for the ensuing fiscal year on a month-to-month basis with all items in it prorated accordingly, until such time as the Commission adopts a budget for the ensuing fiscal year.
Copies of the budget and the capital program as adopted shall be public records and shall be made available to the public at the office of the Manager.
The Commission may amend the budget by ordinance during the fiscal year for which the budget was adopted; provided, however, that such amendment follows a public hearing and that such amendment shall not result in expenditures exceeding the estimated income determined as of the time of the amendment.
Adoption of the budget and amendments thereof shall constitute appropriations for the expenditures set forth therein.
No payment of any funds of the Municipality shall be made unless provided for in the budget; provided, however, that payroll and utility expenditures may be made at the direction of the Manager where based upon a prior ordinance or contract. All checks or drafts of the Municipality shall be signed by the Manager or Acting Manager and shall be counter-signed by the President or Vice President of the Commission, and by the Treasurer or Acting Treasurer.
The Manager shall prepare and submit to the Commission a five-year capital program at least three months prior to the final date for submission of the budget. The capital program shall include:
1) 
A clear general summary of its contents.
2) 
A list of all capital improvements which are proposed to be undertaken during the five fiscal years next ensuing, with appropriate supporting information as to the necessity for such improvements.
3) 
Cost estimates, method of financing and recommended time schedules for each such improvement.
4) 
The estimated annual cost of operating and maintaining the facilities to be constructed or acquired.
5) 
Comparison between projected and actual capital programs for the previous 12 months.
The above information may be revised and extended each year with regard to capital improvements still pending or in process of construction or acquisition.
The Commission shall Publish the general summary of the capital program and a notice stating:
1) 
The times when and places where copies of the capital program are available for inspection by the public, and
2) 
The place and time, not less than two weeks after such Publication, for a public hearing on the capital program.
The Commission by resolution shall adopt the capital program with or without amendment after the public hearing.
The Commission shall provide for an independent annual audit of all municipal revenues and accounts by a Certified Public Account or a firm of Certified Public Accountants. The Commission may provide for more frequent audits, as well as special audits, as it deems necessary. The results of the annual audit and a financial statement of the fiscal affairs of the Municipality shall be presented to the Commission and Published by April first of the year following the fiscal year audited. The Commission may, without requiring competitive bids, designate such accountant or firm annually or for a period not exceeding three years, provided that the designation for any particular fiscal year shall be made no later than April 30 of such fiscal year.
Any other provision of this Charter to the contrary notwithstanding, the Commission shall not incur any new non-electoral debt or lease rental debt if the aggregate net principal amount of such new debt, together with all other non-electoral debt or lease rental debt outstanding would cause the total net non-electoral debt and lease rental debt of the Municipality to exceed 250% of its borrowing base. Borrowing base shall mean the annual arithmetic average of the total revenues for the three fiscal years ending next preceding the date of the incurring of non-electoral debt or lease rental debt as set forth in a certificate stating the total revenues in each of such years and stating such average, produced as part of the independent audit provided for §912.
All debt of any kind whenever incurred which has been or shall hereafter be approved by a majority of the votes cast upon the question of incurring such debt at a general or special election as provided by state statute is excluded from the debt limitation set forth above for non-electoral debt and lease rental debt.
Except as provided below, the Commission may not increase taxes for any year if the amount of additional revenue from the aggregate tax increase for that year is estimated to exceed 10% of the total General Fund budgeted revenue for the year prior to the year in which the increased taxes are to take effect. Any increase in taxes above this amount will be effective only if: (a) the Commission first obtains a favorable referendum on the increased amount, in the manner set forth in the second paragraph of §1206 of this Charter, in which case the action of the Commission on the ordinance shall follow the majority vote of such election; or (b) the ordinance or ordinances increasing taxes are passed by the unanimous vote of all Commissioners in office.
This section was amended by referendum held on May 16, 2017.