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I I I I I I I I I I I I I I I I I I I CHAPTER 7 TAXATION AND FINANCES Section 7.1. Council to Control Finances. The council shall have full authority over the financial affairs of the city except as limited or prohibited by the 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 moneys. Section7.2. 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 have full power to provide by ordinance for a system of locale taxation. This authorityinc1udes 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. Arulually, the city administrator shall submit to the council the bl.ldget 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 figures 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. 7.4.2. For each utility operated by the city, its budget shall show anticipated net surplus or de,ficit and the proposed method of its disposition; and subsidiary budgets for each utility giving income and expenditure information shall be included or attached as appendices. Section 7.5. Long-term Financial Plan 7.5.1. The city council shall have prepared a long-term financial plan of at least five years. This information shall be revis,ed and extended each year. The city council shall ho14 an annual public hearing on the long-term financial plan and adopt it by resolution 12