The fiscal year of the Denali Borough shall begin on July 1 and end on June 30 of the following calendar year.
Not later than 60 days before the end of the current fiscal year, the Mayor shall submit to the Assembly a budget for the following fiscal year, a capital improvements program and an accompanying explanation message of both. The Assembly may grant an extension of not to exceed 30 days if compelling reasons exist.
1.
Complete financial plan. The budget shall be a complete financial plan for all the operations of the Denali Borough, showing all reserves, all estimated revenues from all sources, and all proposed expenditures for all purposes.
2.
Form. The budget shall contain at least the following:
3.
Balanced Budget. Proposed expenditures shall not exceed the total available reserves and the revenues collected but not expended or allocated at the time the proposed budget is adopted.
(Ord. 94-14 § 2)
1.
The capital improvement program shall be a plan for capital improvements proposed for the following six (6) fiscal years, together with the estimated cost of each improvement and the proposed method of financing it. It shall contain at least the following:
A.
A summary of current capital improvements which are unfinished.
B.
A simple, clear summary of the detailed contents of the program.
C.
Capital improvements pending or proposed to be undertaken within the ensuing fiscal year, together with the estimated cost of each improvement and the proposed method of financing it.
2.
Capital improvements to be financed in the following fiscal year, shall be included in the budget as well as in the capital improvements program.
The Mayor's message shall contain an explanation of the budget both in fiscal terms and in terms of work to be done, a description of the important features of the budget, an outline of the proposed financial policy of the Denali Borough for the following fiscal year, and an explanation of each capital improvement to be undertaken within the following six fiscal years.
1.
By May 15, a public hearing shall be held on the budget and capital improvements program. All persons interested shall have an opportunity to be heard. At least ten days prior to the hearing, the Assembly shall:
A.
Publish a summary of the budget and capital improvements program and a notice setting out the time and place of the public hearing pursuant to Section 1.05; and
B.
Deliver copies of the notice and summary of the budget and capital improvements program and the Mayor's message to newspapers of general circulation in the Denali Borough and to the commercial radio and television stations operating in the Denali Borough, and by publishing as specified in Section 1.05 of this Charter.
The Assembly, by ordinance, shall adopt a budget not later than June 15. If it fails to do so, the budget submitted by the Mayor shall be deemed adopted by the Assembly as the budget for the following year.
The Assembly, by ordinance, shall adopt a capital improvements program not later than June 15 before the end of the current fiscal year. If it fails to do so, the capital improvements program submitted by the mayor shall be deemed adopted by the Assembly.
The budget and capital improvements program as adopted shall be certified by the Mayor and Denali Borough clerk, and shall be a public record and shall be made available at the Denali Borough Clerk's office for distribution to the public at no more than cost.
1.
If during any fiscal year there are available revenues not anticipated in the budget estimates, the Assembly, by ordinance, may make supplemental appropriations for the year up to the amount of the additional revenues.
2.
Upon declaration by the Assembly that a public emergency exists and describing the emergency in clear and specific terms, the Assembly may make emergency appropriations. Such appropriations may be made by emergency ordinance.
If during the fiscal year it appears that revenues available will be insufficient to meet the amount appropriated, the Mayor shall report to the Assembly without delay. The Assembly, by ordinance, may reduce any appropriation, except for debt service. No appropriation may be reduced by more than the amount of the unencumbered balance.
At the end of the fiscal year, an unencumbered appropriation shall lapse into the fund from which appropriated; provided that an appropriation for a capital improvement, or in connection with requirements of federal or state grants, shall not lapse until its purpose has been accomplished or abandoned.
1.
No payment may be made and no obligation incurred against the Denali Borough except in accordance with appropriations duly made. No payment may be made and no obligation incurred against any appropriation unless the Mayor ascertains that there is a sufficient unencumbered balance in the appropriation and that sufficient funds are or will be available to cover the obligation.
2.
Every obligation incurred and every authorization of payment in violation of this Charter shall be void. Every payment made in violation of the provisions of this Charter shall be illegal. All officers or employees of the Denali Borough who knowingly authorize or make such payment shall be jointly and severally liable to the Denali Borough for the full amount so paid.
3.
The Assembly by ordinance may authorize a contract, lease or obligation requiring funds from future appropriations, including appropriations in future fiscal years subject to the annual appropriation of funds for that purpose.
1.
The Assembly by ordinance shall provide for competitive bidding for purchase of goods and services by the Denali Borough and sales of surplus Denali Borough property, and for any exceptions thereto.
2.
The Assembly by ordinance shall establish provisions for Assembly approval of Denali Borough contracts and exceptions thereto.
Revenues from a Denali Borough enterprise established after ratification of this Charter shall be first used for debt retirement, construction, acquisition, operation, maintenance, repair and capital improvements of the enterprise.
The Assembly shall provide for an annual audit for all Denali Borough accounts by an independent certified public accountant, and may require additional duties that it deems necessary.
1.
Created. A Denali Borough Permanent Investment Fund is hereby created. The Permanent Investment Fund shall be maintained separate and apart from all other funds and accounts of the Denali Borough.
2.
Funding. The Assembly shall provide by an appropriation from the General Fund, money to initially fund the Permanent Investment Fund. Money may be appropriated by the Assembly to the Permanent Investment Fund from any source. All appropriations shall be made by ordinance.
3.
Investment of Funds. The Permanent Investment Fund shall be invested in such types of income-producing investments as are hereafter designated by ordinance.
4.
Investment Income. A minimum of one half of all interest dividends, and income earned by the Permanent Investment Fund shall be retained by the fund. An amount, not to exceed one half of all the interest, dividends, and income earned the previous fiscal year, may by ordinance be appropriated by the Assembly to the general fund during the current fiscal year.
5.
Disbursement of Funds. A disbursement of money from the principal of the Permanent Investment Fund would require the following:
A.
An ordinance by the Assembly and signed by the Mayor stating the exact amount and one specific purpose for which the disbursement is to be used.
B.
The above ordinance must be ratified by a majority vote at an election.
C.
All funds not used for the specifically stated purpose must be returned to the Permanent Investment Fund.
(Ord. 92-02 § 2)