The fiscal, budget, and accounting year of the Town shall begin on the first day of July and shall end on the last day of June of each calendar year.
[HISTORY: Adopted by the Town Council of the Town of Pine Ridge as Ch. 4, Arts. I, II, of the Town Code. Amendments noted where applicable.]
[Amended 8-8-2006 by Ord. No. 2006-08]
The Finance Committee shall prepare and submit a proposed balanced annual budget to council not later than the 15th day of May. A budget summary shall be included which itemizes principal sources of revenue, estimated expenditures by departments, and capital project estimates for the budget. Unexpended funds shall not be carried over by a department, but may be included in revenue estimates for the next budget.
[Amended 8-8-2006 by Ord. No. 2006-08]
The budget ordinance may provide for expenditure of contingency funds, and transfer of funds between line items or departments at the direction of the Finance Committee within limits set by council.
[Amended 8-8-2006 by Ord. No. 2006-08]
The budget may be amended by council during the fiscal year by addition to, deletion of, or transfer of any item; provided that total amended estimated expenditures do not exceed total anticipated revenue. Emergency appropriations may be made by Council for the protection of public health, safety, or welfare upon recommendation of the Finance Committee.
Should council fail to adopt a budget by the beginning of a fiscal year, the Town shall operate on the current fiscal year budget until final adoption of the new budget.
[Amended 8-8-2006 by Ord. No. 2006-08]
All revenues and funds received by any Town employee or official from any source shall be deposited to the credit of the Town in a bank designated by Council. Disbursement shall be made by voucher check signed by the Finance Committee Chairperson or the Mayor and countersigned by a member of Council so designated.
[Amended 9-10-2013 by Ord. No. 2013-10]
The Town Administrator shall make a monthly financial report to council showing receipts and disbursements for each department.
[Amended 9-10-2013 by Ord. No. 2013-10]
The Town Administrator shall follow established guidelines for the investment of Town funds. A summary report of transactions shall be made to Council annually. All investments must be made in securities authorized by S.C. Code § 6-5-10.
Prior to the end of each fiscal year, council shall designate a disinterested qualified certified public accountant to conduct an audit of the financial affairs of the Town and make a report to the Town Council.