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<br />CHAPTER 7 <br />TAXATION AND FINANCES <br /> <br />Section 7.1 Council to Control Finances. <br />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 <br />and settlement of accounts. It shall further provide for the safekeeping and disbursement of <br />public moneys. <br /> <br />Section 7.2 Fiscal Year. <br />The fiscal year of the city shall be the calendar year. <br /> <br />Section 7.3 System of Taxation. <br />Subject to the state constitution, and except as forbidden by <br />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 ordinance to assess, levy, and collect taxes <br />on all subjects or objects of taxation except as limited or prohibited by the state constitution, by <br />this charter or by state statutes imposing restriction upon the city, irrespective of charter <br />provisions. <br /> <br />Section 7.4 Submission of Budget. <br /> <br />7.4.1 <br /> Annually, the city 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 <br />such 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 <br />addition to showing proposed expenditures for current operations, it shall show proposed <br />capital expenditures to be made during the year and the proposed method of financing <br />each such capital expenditure. The total proposed operating budget to be provided from <br />the property tax shall not exceed the amounts authorized by state statutes and this charter. <br />Consistent with these provisions, the budget shall contain such information and be in the <br />form prescribed by ordinance and by state statues. The Annual Financial Statement shall <br />be in such form as state statutes, this charter or the council may prescribe. <br /> <br />7.4.2 <br />For each utility operated by the city, its budget shall show anticipated net surplus <br />or deficit and the proposed method of its disposition; and subsidiary budgets for each <br />utility giving income and expenditure information shall be included or attached as <br />appendices. <br /> <br />Section 7.5 Long-term Financial Plan. <br /> <br />7.5.1 <br />The city council shall have prepared a long-term financial plan of at least five <br />years. This information shall be revised and extended each year. The city council shall <br />hold an annual public hearing on the long-term financial plan and adopt it by resolution <br />with or without amendment. The financial plan, at minimum, shall consist of three <br />elements as specified in Sections 7.5.2 through 7.5.4 which follow. <br /> <br /> 15 <br /> <br />