Page 426 - Microsoft Word - FY 2021 tax info sheet

BUDGET POLICIES

Section 8.13. Appropriation of excess revenue.

If at any time the total accruing revenue of the City shall be in excess of the total estimated income thereof,
as projected in the budget, the City Council may by ordinance amend the budget so as to appropriate such
excess revenue to such purposes as they may deem appropriate after notice and public hearing as required
for adoption of the original budget.

Section 8.14. Accounting procedures.

Accounting procedures shall be maintained by the City adequate to record in detail all transactions affecting
the acquisition, custodianship and disposition of anything of value; and the recorded facts shall be
presented annually to the City Council and to the public and such summaries and analytical schedules in
detailed support thereof as shall be necessary to show the full effect of such transaction for each fiscal year
upon the finances of the City and the relation to each department thereof including distinct summaries for
each required by law to be segregated.

Section 8.15. Independent audit.

The [City] Council shall cause an independent audit to be made of the books of account, records and
transactions of all the administrative departments of the City at least once yearly. Such audit shall be made
by a certified public accountant selected by and responsible to the [City] Council. The duties of the auditors
so appointed shall include the certification of all statements. Such statements shall include a balance sheet,
exhibiting the assets and liabilities of the City, supported by departmental schedules, and schedules for
each publicly owned or operated utility, summaries of income and expenditures, supported by detailed
schedules, and also comparison, in proper classification, with the last previous year. The report of such
auditor or auditors for the fiscal year shall be printed and a copy thereof shall be furnished to each member
of the [City] Council and the City Manager, and a copy shall be made available to each citizen who may
request such. The original shall be kept among the permanent records of the City.

Section 8.16. Power to tax.

The City Council shall have the power under the provisions of state law to levy, assess and collect an
annual tax upon taxable property within the City, the tax not to exceed the rate as provided for by state law
governing cities with a population in excess of five thousand (5,000) inhabitants.

If for any cause the City Council shall fail to pass a tax ordinance for any one (1) year, levying taxes for that
year, then and in the event the tax levying ordinance and rate established therein last passed shall and will
be considered in force and effect.

Section 8.17. Defect shall not invalidate tax levy.

Defects in the form of preparation of the budget or the failure to perform any procedural requirement shall
not invalidate any tax levy or the tax roll.

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