The fiscal year of the City and all its agencies shall begin on the first day of July of each year and end on the last day of June of the following year.
After the City has made proper provisions for the City's bonded indebtedness, the balance of the City's annual revenues shall be divided into such funds as the Commission may establish. The funds named in the annual appropriation bill for which money is appropriated shall be deemed established by the Commission without further specification. Each year the annual appropriation bill shall provide for a contingent fund to defray the contingent and other expenses of the City for which no other payment provision is made.
The subjects of ad valorem taxation for municipal purposes shall be the same as for State, county and school purposes under State law. Except as otherwise provided by this Charter, City taxes shall be assessed, levied and collected in the manner provided by State law.
Subject to the exceptions provided or permitted by State law, the taxable status of persons and property shall be determined as of December 31, which shall be deemed tax day. Values on the assessment roll shall be determined according to the facts existing on the tax day for the year for which the roll is made. No changes in status or location of any property after tax day shall be considered by the Assessor or the Board of Review.
Prior to the first meeting of the Board of Review each year, the Assessor shall prepare and certify an assessment roll of all property in the City liable to taxation. The roll shall be prepared in accordance with State law and this Charter. Values of property in the assessment roll shall be determined according to recognized methods of systematic assessment. Prior to the first meeting of the Board of Review each year, the Assessor shall give notice by first class mail to any property owner whose property is added to the assessment roll or whose property on the assessment roll is assigned an increased assessed value. Failure to give this notice or the owner's failure to receive it shall not invalidate any assessment roll or any individual assessment.
The Board of Review shall be composed of three members who meet the eligibility criteria in this chapter for City office. During their term of office, Board of Review members shall not be City officers or employees or candidates for elective City office. One member of the Board of Review shall be appointed by the Commission annually in January for a term of three years, to replace the member whose term expires that year. Members of the Board of Review may be removed for malfeasance, misfeasance or nonfeasance of office by a vote of four or more members of the Commission. The Commission shall fix the compensation of the members of the Board of Review. The Board of Review shall, on its first day of meeting each year, select its Chairman for the ensuing year. The Assessor shall be the Clerk of the Board of Review but shall not be a member. A majority of the members of the Board of Review shall constitute a quorum.
The Board of Review shall meet each year in its first session on the Tuesday following the first Monday in March, at the time and place designated by the Commission. Alternatively, the Board of Review may hold its first session on any other day in March designated by the Commission. The Board of Review shall remain in session for at least one day for the purpose of considering and correcting the assessment roll. In each case where the assessed value of any property is increased or any property is added to the assessment roll by the Board of Review, the Assessor shall give notice of that action by first class mail to the owners of the relevant property. The notice shall state the date, time, place and purpose of the next session of the Board of Review, which shall be at least five days after the notice is mailed. Failure to give this notice or the owner's failure to receive it shall not invalidate any assessment roll or any individual assessment. The Board of Review shall convene it its second session on the second Monday in March of each year, at the time and place designated by the Commission. Alternatively, the Board of Review may hold its second session on any other day designated by the Commission which is at least five days after the mailing of the notices described above. The Board of Review shall continue in session until all interested persons have had an opportunity to be heard, but in no case for less than six hours. At its last session the Board of Review may not increase any assessment or add any property to the assessment roll.
Notice of the date, time and place of the sessions of the Board of Review shall be published by the Clerk in a newspaper of general circulation in the City, once each week, for the four consecutive weeks prior to the second session of the Board of Review.
For the purpose of revising and correcting assessments, the Board of Review shall have the same powers and perform the same duties as are conferred upon and required of township boards of review, except as otherwise provided in this Charter. The Board of Review shall hear the complaints of all persons dissatisfied with their assessments. If any person or property has been wrongfully assessed or omitted from the assessment roll, the Board of Review shall correct the assessment roll as it considers just. Except as otherwise provided by statute, no person other than the Board of Review shall make or authorize any change upon, or additions or corrections to, the assessment roll. The Assessor shall keep a permanent record of all proceedings, including all resolutions and decisions of the Board of Review.
After the Board of Review has completed its review of the assessment roll, a majority of Board of Review members shall endorse it and sign a statement indicating that it is the assessment roll of the City for the year in which it has been prepared. This shall be done not later than the first Monday in April. The omission of this endorsement shall not affect the validity of the assessment roll.
Within three days after the Commission has adopted the budget for the ensuing year, the City Clerk shall certify to the Assessor the total amount which the Commission determines shall be raised by general ad valorem taxation. The Clerk shall also certify all amounts of current or delinquent special assessments and all other amounts which the Commission requires to be charged, assessed or reassessed upon any property or against any person.
After the Board of Review has completed its review of the assessment roll; the Assessor shall prepare a copy of the assessment roll to be known as the "City Tax Roll." Upon receiving from the Clerk the certification of the several amounts to be raised, as provided in the previous section, the Assessor shall spread upon the City Tax Roll the several amounts determined by the Commission to be charged, assessed or reassessed against persons or property. The Assessor shall also spread the amounts of the general ad valorem tax to be collected by the City in proportion to the several valuations set forth in the City Tax Roll. To avoid fractions in computation, the Assessor may add to the amount of the several taxes to be raised not more that the amount prescribed by State law. Any excess created thereby shall belong to the City.
After spreading the taxes and placing other assessments and charges on the City Tax Roll, the Assessor shall certify it. The Mayor shall annex a warrant to the City Tax Roll, directing the Treasurer to collect from the persons named in the City Tax Roll the sums specified opposite their respective names as a tax, assessment or charge. The Treasurer shall have all the statutory powers and immunities possessed by township treasurers for the collection of taxes. On June 15 the City Tax Roll shall be delivered to the Treasurer for collection.
On June 15 the taxes, assessments and charges assessed on the City Tax Roll shall become a debt due to the City from the persons to whom they are assessed. On July 1 the amounts assessed on any interest in real property shall become a lien upon that real property for those amounts. All personal taxes shall become a first lien on all personal property of the persons so assessed. The liens shall take precedence over all other claims, encumbrances and liens to the extent allowed by State law or Federal law and shall continue until such taxes, interest and charges are paid.
City taxes shall be due on July 1 of the year when levied. The Treasurer shall not be required to make personal demand for the payment of taxes. At least 10 days before July 1 each year, the Treasurer shall give notice to the City taxpayers by at least one publication in a newspaper of general circulation in the City. The notice shall state when taxes shall be due for collection. The Treasurer shall also give that notice by first class mail, addressed to the owners of property upon which taxes are assessed, according to the names of such owners and their addresses as indicated on the City Tax Roll. Notice delivered in these ways shall be deemed sufficient for the payment of all taxes on the City Tax Roll. Failure of the Treasurer to give any notice shall not invalidate the taxes on the City Tax Roll or release any person or property assessed from the penalty provided in this Charter.
To all taxes there shall be added 1% as a collection fee. To all taxes paid after August 15, there shall also be added a 3% penalty. The collection fees, penalties, and any interest shall belong to the City; they shall be a charge and a lien against the property to which the taxes themselves apply, collectable in the same manner as the taxes to which they are added.
If any persons neglect or refuse to pay any personal property tax assessed to them, the Treasurer shall collect the tax by seizing the personal property of those persons, to an amount sufficient to pay the tax, plus any fees, penalties and interest. No personal property shall be exempt from seizure by the Treasurer. The Treasurer may sell the property seized to an amount sufficient to pay the taxes and all charges in accordance with State law. The Treasurer may, if otherwise unable to collect a tax on personal property, sue the person to whom it is assessed in accordance with State law.
All City taxes on real property remaining uncollected by the Treasurer on the first day of March following the date when the City Tax Roll was received by the Treasurer shall be returned to the County Treasurer in the manner and with the same effect as provided by State law for township treasurers to return township, school and county taxes. The real property taxes returned by the Treasurer to the County Treasurer shall include any additional fees, penalties, assessments and interest, which shall be added to the amount assessed in the City Tax Roll against the property or person. The taxes so returned shall be collected in the same manner as are other taxes returned to the County Treasurer, in accordance with State law, and they shall remain a lien upon the property against which they are assessed until paid.
For the purpose of assessing and collecting taxes for State, county and school purposes, the City shall be considered the same as a township. All provisions of State law relative to the collection of and accounting for State, county and school taxes shall apply to the City. For these purposes, the Treasurer shall perform the same duties and have the same powers as township treasurers under State law. Tax monies collected by the Treasurer for other units of government shall be kept in a separate bank account.
Not later than May 31 of each year, the Chair of the City Finance Committee shall present a recommended budget to the Commission. The recommendation shall present a complete financial plan for the following fiscal year. It shall include at least the following information:
(a) 
Detailed estimates of all proposed expenditures for each City department and office, together with the expenditures for each department and office for the current and last preceding fiscal year, and with reasons for recommended increases and decreases;
(b) 
An estimate of all capital projects pending or which the Committee Chair believes should be undertaken within the budget year and within the next four succeeding fiscal years;
(c) 
Statements of bonded and other indebtedness of the City, showing the debt redemption and interest requirements, the debt authorized and unissued, and the conditions of any sinking funds;
(d) 
Detailed estimates of all anticipated income to the City from taxes and any other sources, compared with the amounts received by the City from each of the same or similar sources for the current and last preceding fiscal year;
(e) 
A statement of the estimated unencumbered balances or deficits at the end of the budget year, compared with those balances or deficits for the current and last preceding fiscal year; and
(f) 
Such additional information as the Commission or State law may require.
Not later than June 30 of each year, the Commission shall by resolution adopt a budget for the following fiscal year and appropriate the money required by the budget. If the Commission fails to timely adopt a budget, the recommended budget from the chair of the City Finance Committee shall be a de facto budget for the City until the Commission does adopt a budget.
The budget shall contain, under the heading "Special Assessments," the amount of all special assessments which are returned by the Treasurer as "unpaid" and which are to be reassessed in the next City Tax Roll.
Except for purposes which are to be financed by the issuance of bonds or by special assessments, no money shall be drawn from the City treasury and no obligation for the expenditure of money shall be incurred, except pursuant to budget appropriations. The Commission may transfer any unencumbered appropriation balance or any portion of one from one department fund or agency to another. The balance of any appropriation which has not been encumbered at the end of the fiscal year shall revert to the general fund and may be re-apportioned during the next fiscal year.
At the beginning of each quarterly period during the fiscal year, and more often if required by the Commission, the Clerk shall submit to the Commission data showing the relation between the estimated and actual income and expenses to date. If it appears that income is less than anticipated, the Commission shall reduce appropriations, except amounts required for debt and interest charges, to the degree necessary to keep expenditures from exceeding income.
The Commission shall designate one or more depositories for City funds and shall provide for the regular deposit of all City moneys. The Commission shall provide for such security for City deposits as is required by State law. Personal surety bonds shall not be deemed proper security.
An independent audit shall be made of all accounts of the City government at least annually and more frequently if deemed necessary by the Commission. The audit shall be made by a qualified accountant. An annual report of the City business shall be made available to the public by the Commission in such form as will disclose pertinent facts concerning the City's activities and finances.
If an amount of money is required in any fiscal year for any public City purpose greater than the amount of money provided by the budget, and if the Commission deems it advisable to raise the amount of money by tax rather than by the issue of bonds, the amount may be raised by tax if authorized by the affirmative vote of three-fifths of the qualified electors of the City voting on that issue at an annual or special City election. The tax, together with the general taxes provided in the budget and all other taxes voted during the same fiscal year under the provisions of this Charter, shall not exceed 2.0% (20 mills) of the assessed value of real and personal property in the City.
At its first regular meeting following the canvass of the results of the election on the special tax, the Commission shall order the Assessor to spread the special tax in full upon a special tax roll in the same manner in which the Assessor spreads the annual City taxes upon the annual City Tax Roll. The Commission shall direct the Treasurer to collect the special tax within 20 days of its due date, which due date shall correspond to the first day on which the Treasurer is authorized to collect the special tax. The special tax must be authorized, spread and collected in this manner prior to the first day of May following the passage of the Commission resolution calling the special tax election.