The fiscal year of the borough government shall begin on the first day of July and shall end on the last day of June, unless otherwise provided by ordinance.
At least five weeks before the beginning of the fiscal year, the borough manager shall prepare and submit to the assembly a proposed budget for the next fiscal year, which shall contain detailed estimates of anticipated revenues (including surplus) and proposed expenditures for the year. The total of such proposed expenditures shall not exceed the total of such anticipated revenues. The budget shall be in such form and have such contents as the assembly may require. The budget and any budget message accompanying it, shall be a public record in the office of the borough clerk, and shall be open to public inspection. Sufficient copies of the budget and any budget message shall be made for distribution to persons on request.
The assembly shall hold a public hearing on the proposed budget; and any interested person shall have an opportunity to be heard thereat for or against the estimates or any item thereof. The assembly may continue the hearing at later meetings.
The assembly may insert, strike out, increase or decrease items in the budget, and may otherwise amend it. The assembly not later than the third day before the beginning of the fiscal year, shall adopt the budget and make the appropriations for the next fiscal year. If the assembly fails to adopt the budget and make the appropriations on or before that day, the budget, as submitted or as amended, as the case may be, shall go into effect and be deemed to have been finally adopted by the assembly; and the proposed expenditures therein shall become the appropriations for the next fiscal year. Appropriations shall never exceed the revenues.
A. 
Transfers. Except as the assembly by ordinance may provide otherwise, the borough manager may transfer unencumbered appropriation balances or parts thereof from any item of appropriations within a department, office or agency to any other item of appropriation, including new items, within the same department, office or agency; and the assembly, by motion, resolution or ordinance may transfer unencumbered appropriations balances or parts thereof from any item of appropriation to any other item of appropriation, including new items, whether such other item is within the same department, office or agency, or not; except that transfer of any funds from the Swimming Pool Fund to any other fund requires a vote of the people.
B. 
Reductions. If during the fiscal year it appears that revenues available will be insufficient to meet the amount appropriated, the assembly may reduce any appropriation. No appropriation may be reduced by more than the amount of the unencumbered balance.
The borough shall have all powers of taxation which unified home-rule boroughs may have under the state constitution and law, except that a new sales or use tax or an increase in rate of levy of a sales tax approved by ordinance does not take effect until ratified by a majority of the voters at an election.
The taxable status of property shall be determined as of the first day of January or such other date as may hereafter be prescribed by law, which is called the assessment day. The assembly shall sit as a board of equalization for the purpose of hearing an appeal from a determination of the assessor, or it may delegate this power to a board created by ordinance.
The borough shall have a lien on all real property against which borough taxes are assessed, for the taxes and all collection charges, penalties and interest which may accumulate thereto; and the lien shall continue until the taxes and any such charges, penalties and interests are paid. The lien is prior and paramount to all other liens or encumbrances against the property.
Disbursements of borough funds shall be made only in accordance with appropriations made as provided in this charter, or, in case of funds which are not formally appropriated, then by authority granted by the assembly. The assembly shall prescribe the method or methods of disbursing borough funds.
If the borough manager obtains authority through assembly approval of a budget to incur needed borough expenses, payments may be made in conformity with a requisition and purchase order system, or other administrative procedure which is approved by the assembly, without separate approval of the assembly for each transaction or item involved.
The assembly by ordinance shall provide for competitive bidding for goods and services and sales of surplus borough property, and for any exceptions thereto.
A. 
An entire public utility and appurtenant franchises belonging to the borough may be sold or leased only by authority of an ordinance enacted or ratified at an election by an affirmative vote of a majority of the qualified voters of the borough who vote upon the question.
B. 
Any other provision of this charter notwithstanding, the borough may enter into an agreement for the purchase, sale or other disposal of electric power, or an agreement providing for participation by the borough in the construction, acquisition or operation of hydroelectric power facilities, upon such terms as the borough assembly may approve by resolution.
(Ord. 1071 § 2, 2025)
A. 
The assembly shall designate a qualified public accountant to make an annual independent audit of the accounts and financial transactions of the borough.
B. 
The assembly shall cause to be conducted such internal audits as it deems appropriate or as required by law.
There is a Borough Permanent Fund, which was initially created in 1997 by the City of Wrangell in the amount of $5,000,000 from Southeast Economic Timber Relief Funds. The principal of this fund will be maintained and grow through wise investment and inflation proofing. There shall be ordinances for the administration of this fund, which shall include restrictions of types of investments, expenditure of earnings, inflation formula, and all other administrative functions necessary to insure the security of this fund.
The borough shall provide for the sale of any presently held or future borough financed notes by bid or request for proposal process upon terms approved by the assembly through public process.