The annual budget shall be prepared and presented to the council by the manager and acted upon in the manner and within the time limits prescribed by general laws. The manager shall attach to each budget such supporting data and explanatory material relating to current operations, capital improvements, and other phases of the budget as may be deemed appropriate.
The manager shall annually prepare and present to the council a program of proposed capital projects for the five fiscal years next succeeding the budget year, with cost estimates relating thereto. This shall be known as the capital expense budget.
At the beginning of each quarterly period during the fiscal year, and more often if required by the council, the manager shall submit to the council data showing the relation between the estimated income and expenses and actual income and expenses to date. If it shall appear that the income is less than anticipated, the council may reduce or transfer appropriations, except amounts required to meet conditional obligations and for debt service, interest, and other fixed charges, to keep expenditures within cash income.
The manager shall be in charge of the administration of the financial affairs of the city and shall be responsible for maintaining proper books and records, for accounting, and for auditing all transactions affecting the city. Reserves for depreciation may be established in accordance with sound accounting practices.
The manager shall appoint a director of finance who shall supervise the receipt, custody, and disbursement of all city funds and perform such other duties as may be required by general laws, this Charter, the council, or the manager.
Except as otherwise provided in this Charter, the manager shall be responsible for all city purchasing, but this authority may be delegated to a city purchasing officer.
All contracts where the total contract is in excess of limits set by State law and all purchase of supplies, material, equipment, or nonprofessional services where the total cost exceeds the limits prescribed by State law shall be subject to sealed bids.
Bids shall be advertised by posting notice thereof in a public place in the city and by not less than one publication in the official newspaper of the city at least ten days prior to the date fixed for the opening of bids. All bids shall be sealed and shall be opened publicly at the time and place designated in the call for bids. The manager, or the manager’s representative, shall analyze the bids and provide the council with a summary thereof. Except as hereinafter provided, the contract shall be awarded to the lowest responsible bidder. The council may reject any or all bids.
The creation of indebtedness and the issuance of all bonds, warrants, and other evidences of indebtedness shall be governed and controlled by general laws.
No contract shall be executed, the payment of which will be financed by the issuance of bonds, warrants, or other evidences of indebtedness, until the ordinance authorizing the issuance of such bonds or other evidences of indebtedness shall have taken effect. Any contract executed before such time shall be unenforceable.
Subject to general laws, bonds, warrants, and other evidences of indebtedness may be sold at public or private sale in any manner and at any price the council deems the best interests of the city require.
The city shall have all the powers granted to, or not withheld from, charter code cities by the Constitution and laws of the state in the levying and collection of taxes and incurring of indebtedness.