Agenda - Charter Commission - 12/16/1993

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CHAPTER 7 TAXATION AND FINANCES Section 7.1. Council to Control Finances. The Council shall have full authority over the £mancial affairs of the City except as lh"nited or prohibited by he state constitution, state laws, or this charter, It shall provide for the collection of all revenues and other assets, and the auditing and settlement of accounts. It shall further provide for the safekeeping and disbursement of public monies. Section 7.2. Fiscal Year. The fiscal year of the City shall be the calendar year. Section 7.3. System of Taxation. Subject to the state constitution, and except as forbidden by it or by state statutes, the Council shall gave full power to provide by ordinance for a system of local taxation. This authority includes the power by ordinance to assess, levy, and collect taxes on all subjects or objects of taxation except as limited or prohibited by the state constitution, by this charter or by state statutes imposing restriction upon the City irrespective of charter provisions. Section 7,4. Submission of Budget. 7.4.1. Annually the clerk-administrator shall Submit to the Council the budget recommendations in accordance with a budget calendar to be established by resolution. The budget shall provide a complete financial plan for all City funds and activities for the ensuing fiscal year and except as required by state statutes or this charter, shall be in such form as the Council may require. It shall include a summary and show in detail all estimated income and all proposed expenditures, including debt service and comparative figz~res for the current fiscal year, actual and estimated, and the preceding year. In addition to showing proposed expenditures for current operations, it shall show proposed capital expenditures to be made during the year and the proposed method of financing each such capital expenditure. The total proposed operating budget to be provided from the property tax shall not exceed the amounts authorized by state statutes and this charter. Consistent with these provisions, the budget shall contain such information and be in the form prescribed by ordinance and by state statues. The Annual Financial Statement shall be in such form as state statutes, this charter or the Council may prescribe.