A. 
There shall be a Finance Officer appointed by the Manager with the consent of the Council. The Finance Officer shall be under the direct supervision of the Manager, shall be subject to discipline by the Manager, and shall serve at the pleasure of the Manager. The compensation of the Finance Officer shall be determined by the Manager, subject to the appropriation of sufficient funds in the Town budget. The Finance Officer shall be the chief financial officer of the Town in charge of the administration of the financial affairs of the Town.
B. 
Powers and duties. The Finance Officer is authorized and directed:
(1) 
To assist the Manager with the preparing of the budget as outlined in § C5-3A, B, C and D and to assist him in its execution after authorization by the Council as required in § C5-3E.
(2) 
To maintain accounting control over the finances of the Town government, for which purpose the incumbent is empowered to operate a set of general accounts embracing all the financial transactions of the Town and such subsidiary accounts and cost records as may be required by ordinance or by the Town Manager for purposes of administrative direction and financial control.
(3) 
To prescribe the forms of receipts, vouchers, bills or claims to be filed by all departments and agencies of the Town government.
(4) 
To examine and review all contracts, orders and other documents by which the Town incurs financial obligations and, having ascertained before approval that moneys have been duly appropriated or allocated to meet such obligations and will become available when the obligations have become due and payable, to audit and approve the bills, invoices, payrolls and other evidences of claims, demands or charges against the Town government and to determine the regularity, legality and correctness of such claims, demands or charges.
(5) 
To make monthly reports of all receipts and expenditures of the Town government to the Council and Manager and to make monthly reports on funds, appropriations, allotments, encumbrances and authorized payments to the Council and Manager and the office directly concerned.
(6) 
To perform such other duties pertaining to the financial records of the Town government as the Council may require by ordinance.
(7) 
To collect, receive, have custody of and disperse all taxes, licenses, fees and other moneys belonging to the Town government, subject to the provisions of this Charter and ordinances enacted thereunder; to have custody of all investments and invested funds of the Town or in possession of the Town in a fiduciary capacity and to keep a record of such investments; and to have custody of all bonds and certificates of Town indebtedness, including such bonds and certificates unissued or canceled, and the receipt and delivery of Town bonds and certificates for transfer, registration or exchange.
The fiscal year of the Town government shall begin on the first day of July and shall end on the last day of June. Such year shall constitute the budget year of the Town government.
A. 
Submission of budget. On or before May 1 of each year, the Manager shall submit to the Council a proposed budget for the ensuing fiscal year and an accompanying message.
B. 
Budget message. The Manager's message shall explain the budget, both in fiscal terms and in terms of the work programs. It shall outline the proposed financial policies of the Town for the ensuing year; describe the important features of the budget; indicate any major changes from the current year in financial policies, expenditures and revenues, together with the reasons for such changes; summarize the Town's debt position; and include such other material as the Manager deems desirable.
C. 
Contents of budget. The budget shall provide a complete financial plan of all Town funds and activities for the ensuing fiscal year and, except as required by law or this Charter, shall be in such form as the Manager deems desirable or the Council may require. In organizing the budget, the Manager shall utilize the most feasible combination of expenditure classification by fund, organization unit program, purpose or activity and object. It shall begin with a clear general summary of its contents; shall show in detail all estimated income, indicating the proposed property tax levy, and all proposed expenditures, including debt service, for the ensuing fiscal year; and shall be so arranged as to show comparative figures for estimated income and expenditures of the current fiscal year.
(1) 
It shall indicate in separate sections:
(a) 
The proposed expenditures for current operations during the ensuing fiscal year, detailed by offices, departments and agencies in terms of their respective work programs, and the method of financing such expenditures.
(b) 
The proposed capital expenditures during the ensuing fiscal year, detailed by offices, departments and agencies when practicable, and the proposed method of financing each such capital expenditure.
(2) 
The total of proposed expenditures shall not exceed the total of estimated income and applied surplus, if any.
D. 
Council action on budget.
(1) 
Notice and hearing. The Council shall publish in one or more newspapers of general circulation in the Town a notice stating:
(a) 
The times and places where copies of the message and budget are available for inspection by the public.
(b) 
The time and place for a public hearing on the budget.
(2) 
Amendment before adoption. After the public hearing, the Council may adopt the budget by ordinance, with or without amendment. In amending the budget, it may add or increase programs or amounts and may delete or decrease any programs or amounts, except expenditures required by law or for debt service or for estimated cash deficit, provided that no amendment to the budget shall increase the authorized expenditures to an amount greater than the total of estimated income or applied surplus, if any.
(3) 
Adoption. The Council shall adopt the budget on or before the 30th day of June of the fiscal year currently ending.
(4) 
Extension. If the budget is not adopted by July 1, a majority vote of the Council shall be necessary to extend the current budget for a single thirty-day period. Expenditures for that period shall not exceed 1/12 of the annual expenses of the current year.
E. 
Budget Ordinance. The adopted budget shall be in the form of an ordinance appropriating funds for the ensuing year. Funds shall be appropriated to each of the various departments, offices, agencies or functions. The Budget Ordinance shall also include a summary of estimated income for the ensuing fiscal year and shall levy all property and other taxes required to realize the income estimated.
F. 
Amendments after adoption.
(1) 
Supplemental appropriations. If, during the fiscal year, the Manager certifies that there are available for appropriation revenues in excess of those estimated in the budget, the Council, by ordinance, may make supplemental appropriations for the year up to the amount of such excess.
(2) 
Emergency appropriations. To meet a public emergency affecting life, health, property or the public peace, the Council may make emergency appropriations. Such appropriations shall be made by ordinance. To the extent that there are no available unappropriated revenues to meet such appropriations, the Council may, by such emergency ordinance, authorize the issuance of tax anticipation notes.
(3) 
Transfer of appropriations. At any time during the fiscal year, the Manager may, with the approval of the Council, transfer part or all of any unencumbered appropriation balance from one department, office or agency to another.
(4) 
Limitations; effective date. No appropriation for debt service may be reduced or transferred and no appropriation may be reduced below any amount required by law to be appropriated or by more than the amount of the unencumbered balance thereof. A two-thirds vote of all members of the Town Council shall be required for the authorization of supplemental and emergency appropriations.
No officer or employee shall, during any budget year, expend or contract to expend any money or incur any liability or enter into any contract which, by its terms, involves the expenditure of money for any purpose in excess of the amounts appropriated for or transferred to that general classification of expenditure pursuant to this Charter. Any contract, verbal or written, made in violation of this Charter shall be null and void. Nothing in this section, however, shall prevent the making of contracts or the spending of money for capital improvements to be financed, in whole or in part, by the issuance of bonds nor the making of contracts of lease or for services for a period exceeding the budget year in which such contract is made, when such contract is permitted by law.
All appropriations shall lapse at the end of the budget year to the extent that they shall not have been expended or lawfully encumbered. All unexpended and unencumbered funds shall be considered a surplus at the end of the budget year and shall be included among the anticipated revenues for the next succeeding budget year.
All checks issued in payment of salaries or other municipal obligations shall be issued and signed by the Finance Officer and shall be countersigned by the Mayor.
All real property and all tangible personal property within the corporate limits of the Town or personal property which may have a situs there by reason of the residence of the owner therein shall be subject to taxation for municipal purposes, and the assessment used shall be the same as that for state and county taxes. No authority is given by this section to impose taxes on any property which is exempt from taxation by any act of the General Assembly.
A. 
Budget authorizes levy. From the effective date of the budget, the amount stated therein as the amount to be raised by the property tax shall constitute a determination of the amount of the tax levy in the corresponding tax year.
B. 
Notice of levy. Immediately after the Council makes the levy in each year, the Finance Officer shall give notice of the making of the levy by posting a notice thereof in some public place or places in the Town. The Finance Officer shall provide for the mailing to each taxpayer, or a taxpayer's agent, at the taxpayer's or agent's last known address a bill or account of the taxes due from the taxpayer. The bill or account shall contain a statement of the amount of real and personal property with which the taxpayer is assessed, the rate of taxation, the amount of taxes due and the date on which the taxes will bear interest. Failure to give or receive any notice required by this section shall not relieve any taxpayer of the responsibility to pay on the dates established by this Charter, or otherwise by state law, all taxes levied on his property.
Except to the extent that other dates may be specified by state law, the taxes provided for in § C5-7 of this Charter shall be due and payable on the first day of July in the year for which they are levied and shall be overdue and in arrears on the first day of the following October. They shall bear interest while in arrears at the rate of 2/3 of 1% or such higher rate as may be allowed by law, for each month or fraction of a month until paid. All taxes not paid and in arrears after the 31st day of the following January shall be collected as provided in § C5-10.
A list of all property on which the Town taxes have not been paid and which are in arrears, as provided by § C5-9 of this Charter, shall be turned over by the Finance Officer to the official of the county responsible for the sale of tax-delinquent property as provided in state law. All property listed thereon shall, if necessary, be sold for taxes by this county official in the manner prescribed by state law.
All fees received by an officer or employee of the Town government in his official capacity shall belong to the Town government and be accounted for to the Town.
The financial books and accounts of the Town shall be audited annually by a certified public accountant.
In addition to any other borrowing power which the Town may presently have, from whatever source derived, and notwithstanding any other provision or limitation of public general or public local law:
A. 
The Town may borrow money and incur indebtedness from time to time for any public purpose and evidence that borrowing or indebtedness by the sale and issuance of its general obligation bonds, tax anticipation notes or other evidences of indebtedness, hereinafter sometimes collectively referred to as "bonds," in the manner hereinafter prescribed.
B. 
Bonds issued by the Town shall be sold and issued in accordance with the terms and conditions of an ordinance or ordinances passed in conformity with §§ 31 to 39, inclusive, of Article 23A of the Annotated Code of Maryland (1973 Replacement Volume), as amended from time to time, title "Corporations — Municipal," subtitle "Home Rule," subheading "Creation of Municipal Public Debt"; provided, however, that the Town may sell bonds at private sale without advertisement or publication of notice of sale or solicitation of competitive bids if the ordinance or ordinances authorizing the sale and issuance of the bonds shall so specify.
C. 
During the first six months of any fiscal year, the Town shall have the power to borrow in anticipation of the collection of the property tax levied for that year and to issue tax anticipation notes or other evidences of indebtedness as evidence of such borrowing. Such tax anticipation notes or other evidences of indebtedness shall be a first lien upon the proceeds of such tax and shall mature and be paid not later than six months after the beginning of the fiscal year in which they are issued. No tax anticipation notes or evidences of indebtedness shall be issued which will cause the total tax anticipation indebtedness of the Town to exceed 50% of the property tax levy for the fiscal year in which such notes or other evidences of indebtedness are issued.
D. 
The Town may pay the maturing principal of and interest on bonds, to the extent practicable, from the revenues, if any, of the particular project or improvement for which the bonds were issued, notwithstanding any limitation contained in any other law.
E. 
In addition to any other sources of payment for the principal of and interest on such bonds, the Town may also pay the maturing principal of and interest on such bonds, in whole or in part, from the proceeds of such capital contribution charges, connection charges (including area connection charges related to the cost of base plant construction as well as the actual cost of connection), ready-to-serve charges, service charges, charges for upkeep and any other charges or impositions as the Town may levy, impose and collect, from time to time, during the life of said bonds, the power and authority so to do being hereby granted notwithstanding any limitation contained in any other law.
F. 
In addition to any other sources of payment for the principal of and interest on such bonds, the Town may also pay the maturing principal of and interest on such bonds, in whole or in part, from the proceeds of such front-foot benefit assessments as the Town may levy, impose and collect, from time to time, during the life of said bonds, the power and authority so to do being hereby specifically granted notwithstanding any limitation contained in any other law.
G. 
Ordinances authorizing general obligation bonds or certificates of indebtedness in excess of 50% of the valuation of Town property for the fiscal year in which such evidence of indebtedness is issued shall be subject to the provisions of § C2-14E of this Charter. If the majority of the qualified voters of the Town shall vote against such issuance, then another referendum shall not be held on the question of issuing bonds for the same public purpose until the expiration of one year from the date upon which the issuance of said bonds shall have been so disapproved.
A. 
Pledge of faith and credit of Town. All bonds, certificates of indebtedness or tax anticipation notes issued by the Town pursuant to its Charter shall constitute pledges of the faith and credit of the Town to the prompt payment, from the tax and other revenues described in the enabling ordinance, of the principal of and interest on said bonds, certificates of indebtedness or tax anticipation notes when due.
B. 
Covenant to levy taxes. If, at the time of the issuance of any such bonds, there shall be no Charter or statutory limit on the power of the Town to levy property taxes, such pledge shall constitute a covenant on the part of the Town issuing any such bonds to levy upon all real and tangible personal property within its corporate limits subject to assessment for unlimited municipal taxation ad valorem taxes in a rate and amount sufficient in each year in which any of said bonds are outstanding to provide for the payment of the principal of and the interest on such bonds.
C. 
Effect of limitation on power to levy taxes. If, at the time of issuance of any such bonds, there shall be a Charter or statutory limitation upon the power of the Town to levy property taxes, then such pledge shall constitute a covenant on the part of the Town to levy ad valorem taxes as above described within the limitations so prescribed by law.
D. 
Covenants not affected by subsequent statute or Charter provision. No Charter provision or statute adopted or enacted after the date of issue of bonds of the types described in Subsections B and C above which places a maximum limit on the rate at which property taxes may be imposed by the Town or which removes any such limit theretofore existing shall be taken or construed as impairing or in any manner affecting the covenants of the Town with respect to its bonds outstanding at the time any such Charter provision or statute shall become effective.
All bonds, notes or other evidences of indebtedness validly issued by the Town previous to the effective date of this Charter and all ordinances passed concerning them are hereby declared to be valid, legal and binding and of full force and effect as if herein fully set forth.
The Town is hereby authorized to provide for the issuance of bonds payable as to principal and interest solely from the revenues of one or more revenue-producing projects in the Town, which bonds shall not constitute an indebtedness of the Town to which its faith and credit or taxing power are pledged.