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CHAPTER 7 <br /> <br />TAXATION AND FINANCES <br /> <br />Section 7.1. Council to Control Finances. The council shall have full authority over the <br />financial affairs of the city except as limited or prohibited by the state constitution, state laws, or <br />this charter. It shall provide for the collection of all revenues and other assets, and the auditing and <br />settlement of accounts. It shall further provide for the safekeeping and disbursement of public <br />monies. <br /> <br />Section 7.2. Fiscal Year. The fiscal year of the city shall be the calendar year. <br /> <br />Section 7.3. System of Taxation. Subject to the state constitution, and except as forbidden <br />by it or by state statutes, the council shall have full power to provide by ordinance for a system of <br />local taxation. This authority includes the power by ~dinance to assess, levy, and collect taxes on <br />all subjects or objects of taxation except as limited or prohibited by the state constitution, by this <br />charter or by state statutes imposing restrictions upon the city irrespective of charter provisions. <br /> <br />Section 7.4. Submission of Budget. <br /> <br />7.4.1. Annually the clerk-administrator shall submit to the council the budget <br />recommendations in accordance with a budget calendar to be established by resolution. <br />The budget shall provide a complete financial plan for all city funds and activities for the <br />ensuing fiscal year and except as required by state statutes or this charter, shall be in such <br />form as the council may require. It shall include a summary and show in detail all <br />estimated income and all proposed expenditures, including debt service and comparative <br />figures for the current fiscal year, actual and estimated, and the preceding year. In addition <br /> <br />12 <br /> <br /> <br />