The assembly by ordinance may change the fiscal year of the municipality. The assembly by ordinance may change the fiscal year of the school district to the extent permitted by law. A change in fiscal year may not take effect until at least one year after enactment of the change.
At least 90 days before the end of the fiscal year of the municipality the mayor shall submit to the assembly, with recommendations from the planning commission, a six-year program for public services, fiscal policies and capital improvements of the municipality. The program shall include estimates of the effect of capital improvement projects on maintenance, operation and personnel costs. The assembly shall hold at least one public hearing on the six-year program prior to adoption.
At least 90 days before the end of the fiscal year of the municipality the mayor shall submit to the assembly a proposed operating and capital budget for the next fiscal year. The form and content of the budget shall be consistent with the proposed six-year program. The mayor shall submit with the budget an analysis of the fiscal implications of all tax levies and programs.
The assembly shall hold at least two public hearings on the proposed operating and capital budget for the next fiscal year, including one hearing at least 21 days after the budget is submitted to the assembly, and one hearing at least seven but not more than 14 days prior to the adoption of the budget.
The assembly may increase or decrease any item, and may add or delete items, in the proposed operating or capital budget of the municipality. The assembly shall approve the budget of the municipality as amended and appropriate the necessary funds at least 21 days prior to the end of the fiscal year of the municipality. If the assembly fails to approve the budget and make the necessary appropriation within the time stated, either before or by veto override after a veto of all or a portion of a budget, the Assembly shall hold such regular or special meetings as are necessary to adopt a budget and make the necessary appropriation.
(AO No. 2001-33(S-1), prop. 5, 2-13-2001)
(a) 
If the mayor determines that revenues will be less than appropriations for a fiscal year, the mayor shall so report to the assembly. The assembly may reduce appropriations as it deems necessary. No appropriation may be reduced by more than the amount of the then unencumbered balance.
(b) 
Except as to the school budget, the mayor may transfer all or part of any unencumbered balance between categories within an appropriation. The school board may transfer part or all of any unencumbered balance between categories within the appropriation for the school budget. Except as to the school budget, the assembly may transfer part or all of any unencumbered balance from one appropriation to another.[1]
[1]
Editor’s Notes – There are Charter Commission Commentary notes on this section. Said Commentary is included as an attachment to this title.
At the close of the fiscal year, an unencumbered appropriation shall lapse into the fund from which appropriated. An appropriation for capital improvement, or in connection with requirements of federal and state grants, shall not lapse until the purpose of the appropriation has been accomplished or abandoned.
(a) 
No payment shall be made, or obligation incurred except in accordance with appropriations. Obligations otherwise incurred are void. The assembly by ordinance may provide for exceptions in the case of tax refunds and other routine payments.
(b) 
The assembly by ordinance may authorize a contract, lease, or obligation requiring funds from future appropriations. Unless payments are subject to annual appropriation by the Assembly, a lease purchase agreement with respect to acquisition of a capital improvement is not valid until approved by a majority of the qualified voters voting on the question.
(AO No. 2019-10, prop. 11, 4-2-2019)
The assembly shall provide for an annual independent audit of all municipal accounts by a certified public accountant. The audit shall be completed within 90 days following the close of the fiscal year.
(a) 
When a municipal owned utility is sold pursuant to section 16.02 of this Charter, the proceeds shall be used to:
(1) 
Retire the debt of that utility;
(2) 
Retire other municipal debt deemed appropriate by the assembly;
(3) 
Establish a trust fund with the balance of the proceeds.
(b) 
The trust fund shall be defined as an endowment fund with a controlled spending policy limiting dividend distributions and managed by the MOA Trust Fund Board of Trustees consistent with the Uniform Prudent Investor Act as adopted by reference and amended in the municipal code with the following stipulations:
(1) 
The corpus, or a portion of the corpus, of this trust shall be maintained in perpetuity as an endowment. Any use of the corpus, or a portion of the corpus, separate from the controlled spending policy of the endowment, may only be used for purposes approved by a majority of the voters voting on a ballot proposition in a regular or special election;
(2) 
Under the endowment's-controlled spending policy an annual dividend may be appropriated by the assembly provided that the annual appropriation does not exceed five percent of the average asset balance of the trust.
(3) 
The MOA Trust Fund Board shall advise both the assembly and administration.
(c) 
The fund shall be invested and managed in accordance with chapter 6.50 of the Municipal Code.
(AO No. 89-27(S), prop. 1, 10-3-1989; AO No. 2002-11, § 2, 2-12-2002; AO No. 2022-116, § 2, 5-25-2023)