All financial procedures shall comply with state law.
The fiscal and budget year of the City shall begin on July 1
and end on June 30 of the following year.
The Director of Finance shall have charge of the administration
of the financial affairs of the City. He or she shall provide a system
of accounts which shall conform to such uniform system of accounts
as may be required by law. He or she shall maintain such accounting
control over the finances of the City, make such financial reports
and perform such other duties as may be required by law, this Charter,
City ordinance or by the City Manager. No money shall be drawn from
the treasury of the City without an appropriation therefore and without
the approval of the Director of Finance. All checks or vouchers for
the payment of money from the treasury of the City shall be approved
by the City Manager and the Director of Finance.
The City Council shall designate the depository or depositories
for City funds and shall provide for the daily deposit of all City
monies. The City Council may provide for such security for the City
deposits as it may deem necessary, except that personal surety bonds
shall not be deemed proper security.
Elective and appointive officers shall be bonded in accordance
with law and in a manner acceptable to the City Council. The City
Treasurer and any employee handling funds of the City in the regular
course of business shall be bonded in accordance with the law. The
City Council shall be empowered to set further conditions for bonding
of officers and employees. Bond premiums shall be paid by the City.
At such times as may be required by the City Manager or specified
by ordinance, each administrative officer or director of a department
shall submit to the Director of Finance an itemized estimate of the
expenditures for the next fiscal year for the departments or activities
under his or her control. The Director of Finance shall prepare and
submit to the City Manager a complete budget for the next fiscal year
in such detail and supporting schedules as the City Manager shall
require. The City Manager shall submit the proposed budget to the
City Council on or before the second regular meeting in April.
A public hearing on the proposed budget shall be held before
its final adoption by the City Council. Notice of the time and place
of holding the hearing shall be in accordance with law. A copy of
the proposed budget shall be on file in the office of the City Clerk
for public review during normal business hours at least one (1) week
prior to the public hearing.
The City Council shall by resolution determine and adopt the
budget and make the appropriations for the next fiscal year and shall
provide by resolution for a tax levy of the amount necessary to be
raised by taxation. The total amount of appropriation shall not exceed
the revenues of the City as estimated by the City Council, based upon
a tax levy for all City operating purposes, plus all additional and
miscellaneous revenues derived by the City in accordance with provisions
of law, this Charter and City ordinances.
After each quarterly period during the fiscal year, the City
Manager shall submit to the City Council data showing the relation
between the estimated and actual income and expenses to date. If it
shall appear that the income is less than anticipated, the City Council
shall reduce appropriations for any item or items, except amounts
required for debt and interest charges, to such a degree as may be
necessary to keep expenditures within available revenue. If the revenues
exceed the amounts estimated in the budget, the City Council may make
supplemental appropriations.
No money shall be drawn from the treasury of the City, nor shall
any obligation for the expenditure of money be incurred, except pursuant
to a budget appropriation. Except as otherwise provided in this Charter,
the City Council may transfer any unencumbered appropriated balance
or any portion thereof from one department, fund or agency to another.
The City may, within the limits provided by law, authorize the
borrowing of money for any purpose within the scope of the powers
vested in the City; and may provide for the issuance of bonds of the
City or other evidence of indebtedness therefore; and may pledge the
full faith, credit and resources of the City for the payment of the
obligations created thereby.
Each bond or other evidence of indebtedness shall contain on
its face a statement specifying the purpose for which the same is
issued, and it shall be unlawful to use the proceeds for any other
purpose, provided that, whenever the proceeds of any bond issue or
any part thereof shall remain unexpended and unencumbered for the
purpose for which said bond issue is made the Council shall use such
unexpended and unencumbered funds for the retirement of said bond
issue. Any remaining funds shall be used as provided by law.
In case of fire, flood or other calamity, the Council may issue
emergency bonds in accordance with law, which may be general obligations
of the City, to provide relief for the residents of the City, and
for the preservation or restoration of municipal property.
The Council may provide for the borrowing of money and issuing
of bonds in anticipation of the payment of the special assessments,
or in anticipation of the payment of any combination of special assessments.
Such special assessment bonds may be an obligation of the special
assessment district, or may be both an obligation of the special assessment
district and a general obligation of the City as provided by law.
All collections on each special assessment roll or combination of
rolls, to the extent that the same are pledged for the payment of
the principal of and interest on bonds issued in anticipation of the
payment thereof, shall be set apart in a separate fund for the payment
of such principal and interest and shall be used for no other purpose.
The City may enter into any contract or agreement for the purchase
of lands, property or equipment for public purposes to be paid for
in installments. Each contract shall be in conformity with the law
and the aggregate of all such contracts may not exceed the limitations
provided by law.
(a)
An independent audit shall be made of all City accounts at least
annually, and more frequently if deemed necessary by the City Council
and in accordance with the law. Such audit shall be made by Certified
Public Accountants experienced in municipal accounting and selected
by the City Council.
(b)
Copies of such audit and annual report shall be made available for
public inspection at the office of the City Clerk within thirty (30)
days after the receipt of the audit.
(c)
The Director of Finance shall prepare an annual financial report
of the City and provide the report to the City Council.
