Fiscal Year
Section 41. The fiscal and budget year of the city shall begin on the first day of July.
Financial Control
Section 42. The director of finance shall have charge of the administration of the financial affairs of the city, including supervision of the offices of assessor and treasurer. He 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 this charter, by ordinance or by the manager. As controller he shall audit and approve all liquidated claims against the city and the treasurer shall pay the same on duly certified vouchers.
Budget Procedure
Section 43. At such time as may be requested by the manager or specified by ordinance, each 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 control. The director of finance shall prepare and submit to the manager a complete budget for the next fiscal year in such detail and with such supporting schedules as the manager shall require. After review by the manager he shall submit the proposed budget to the council on or before the last Monday in April.
Budget Hearing
Section 44. A public hearing on the budget shall be held before its final adoption by the council, at such time and place as the council shall direct, the notice of such public hearing shall be published at least one week in advance by the city clerk.
Budget System Bonds
Section 44(a). Any capital improvement items contained in the budget may be financed by the issuance of bonds as a part of the budget system of the city, provided that the amount of such bonds together with the taxes levied for the same year, shall not exceed the limit of taxation authorized by law. The budget shall indicate the items to be so financed by bonds.
Section 44(a) added (Amendment No. 9)
Effective November 22, 1957
Adoption of Budget, Tax Limit
Section 45. The 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 at least thirty (30) days prior to the first day of the upcoming fiscal year. The amount of property taxes which may be levied by the city in any year shall not exceed three-quarters of one percent (.75 of 1%) of the assessed valuation as equalized of all taxable real and personal property in the city. If the assessed value of all the property in the city as determined on the first Monday in May, 1979, is increased in subsequent years for any reason, the maximum millage rate provided herein shall be permanently reduced to yield the same gross dollar revenue as the fiscal 1978-79 property tax revenue yield.
This limit may be exceeded up to three-tenths of one percent (.3 of1%) of the assessed value over the maximum limit provided herein as reduced only if the mayor declares a specific emergency, the dollar amount of the emergency and the portion of such dollar amount that is needed from property taxes and the council thereafter, by a three-quarters recorded vote of the full council, declares an emergency in accordance with the specifics of the mayor’s request. The millage limit may be exceeded only during the fiscal year for which the emergency is declared. Millage levied pursuant to Article 9, Section 6, 1963 Michigan Constitution, is exempt from these limitations.
Section 45 amended (Amendment No. 10)
Effective November 22, 1957
Section 45 amended (Amendment No. 16)
Effective December 5, 1979
Reduction of Tax Limit
Section 45(a). The tax limit created by Section 45 of Chapter VII of the charter shall be reduced by three-tenths (3/10) of one percent (1%) of the assessed valuation as equalized of the real and personal property subject to taxation in the city during each of the fiscal years in the ten-year period beginning July 1, 1963, in which the council imposes the tax authorized by Section 1 of Chapter XIX of the charter.
Section 45(a) added (Amendment No. 14)
Effective January 16, 1963
Question of adding Section 1, Chapter XIX,
defeated January 7, 1963
Transfer of Appropriations
Section 46. After the budget has been adopted, 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 council may transfer any unencumbered appropriation balance or any portion thereof from one department, fund, or agency to another.
Budget Control
Section 47. At the beginning of each quarterly period during the fiscal year, and more often if required by the council, the manager shall submit to the council data showing the relation between the estimated and actual income and expense to date; and if it shall appear that the income is less than anticipated, the council or manager may 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 the cash income. If the revenues exceed the amounts estimated in the budget, the council may make supplemental appropriations. The manager may provide for monthly or quarterly allotments of appropriations to departments, funds or agencies under such rules as he shall prescribe.
Borrowing Procedure
Section 48. Subject to the applicable provisions of state law and this charter, the council, by resolution, may authorize the borrowing of money for any purpose within the scope of the powers vested in the city and the issuance of bonds of the city or other evidences of indebtedness therefor, and may pledge the full faith, credit and resources of the city for the payment of the obligation created thereby.
Special Assessment Bonds
Section 49. The council shall, subject to the general laws of the state, have authority to borrow money in anticipation of the payment of special assessments made for the purpose of defraying the cost of any public improvement, or in anticipation of the payment of any combination of such special assessments, and to issue bonds therefor. Such special assessment bonds may be an obligation of the special assessment district or districts and a general obligation of the city. All collections on each special assessment roll or combination of rolls shall be set apart in a separate fund for the payment of the principal and interest of the bonds issued in anticipation of the payment of such special assessments, and shall be used for no other purpose.
Issuance of Bonds
Section 50. 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 for any officer of the city to use the proceeds thereof 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 was made, the council may, by the affirmative vote of six (6) members, authorize the use of such unexpended and unencumbered funds for the retirement of said bond issue or if such bond issue shall have been fully retired, then for the retirement of other bonds of the city. All bonds and other evidences of indebtedness issued by the city shall be signed by the mayor and countersigned by the controller and the city clerk under the seal of the city. Interest coupons may be executed with the facsimile signatures of the mayor and controller. A complete and detailed record of all bonds and other evidences of indebtedness issued by the city shall be kept by the director of finance. Upon the payment of any bond or other evidence of indebtedness the same shall be marked “canceled.”
Depository
Section 51. The council shall designate the depository or depositories for city funds, and shall provide for the daily deposit of all city moneys. The council may provide for such security for city deposits as it may deem necessary, except that personal surety bonds shall not be deemed proper security.
Independent Audit
Section 52. An independent audit shall be made of all accounts of the city government at least annually and more frequently if deemed necessary by the council. Such audit shall be made by qualified public accountants experienced in municipal accounting. An abstract of the result of such audit shall be made public. An annual report of the city’s business shall be made available in such form as will disclose pertinent facts concerning the activities and finances of the city government.
Official Bonds
Section 53. Any city officer elected or appointed by authority of this charter may be required to give a bond to be approved by the council for the faithful performance of the duties of his office, but all officers receiving or disbursing city funds shall be so bonded. All official bonds, except those of the constable, which shall be the same as provided by state law for such official in townships, shall be corporate surety bonds, and the premiums thereon shall be paid by the city. Such bonds shall be filed with the city clerk.
Trust Funds
Section 54. Trust funds, unless otherwise provided by the deed of trust, shall be kept separate and apart from all other funds and shall be invested, as authorized by the council, by purchase in the open market of such bonds, debentures and other securities of recognized investment quality, except stocks, as are authorized by the laws of the State of Michigan for the investment of the funds of life insurance companies, except that such funds shall not be invested in any investment prohibited by the Constitution of the State of Michigan.
Section 54 amended (Amendment No. 13)
Effective April 13, 1961
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