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Chapter IX

General Finance - Budget, Audit

Section 9.1.  Fiscal Year.

       The fiscal year of the City and of all its agencies shall begin on the first day of January of each year and end on the thirty-first day of December of the same year.

Section 9.2.  Budget Procedures.

       The City Manager shall prepare and submit to the Council on or before the fifteenth of September of each year a recommended budget covering the next fiscal year, and shall include therein at least the following information:

(a)Detailed estimates with his supporting explanations of all proposed expenditures for each department, office and agency of the City, and for the court, showing the expenditures for corresponding items for the last preceding fiscal year in full, and for the current fiscal year to September 1 and estimated expenditures for the balance of the current fiscal year;

(b)Statements of the bonded and other indebtedness of the City, showing the debt redemption and interest requirements, the debt authorized and unissued, and the condition of sinking funds, if any;

(c)Detailed estimates of all anticipated revenues of the City from sources other than taxes with a comparative statement of the amounts received by the City from each of the same similar sources for the last preceding fiscal year in full, and for the current fiscal year to September 1, and estimated revenues for the balance of the current fiscal year;

(d)A statement of the estimated balance or deficit for the end of the current fiscal year;

(e)An estimate of the amount of money to be raised from current and delinquent taxes and the amount to be raised from bond issues which, together with any available unappropriated surplus and any revenues from other sources, will be necessary to meet the proposed expenditures;

(f)Such other supporting information as the Council may request.

Section 9.3.  Schedule of Capital Outlay.

       If required by the Council, by resolution or ordinance, the City Manager shall submit to the Council, simultaneously with his recommended budget, a schedule showing all recommended capital outlay expenditures during the following five (5) fiscal years.  The City Manager shall prepare this schedule after consultation with the City Planning Commission.  This schedule shall list separately each proposed acquisition of capital equipment or facility and each proposed capital expenditure program in excess of one thousand dollars ($1,000.00) with estimates of cost as accurate as may be made without detailed plans and specifications.  It shall also include proposed capital expenditures by the public schools, library or any other organization financed in whole or in part by City property taxes.  This schedule shall be for the guidance of the Council in adoption of the regular annual budget, and the Council may delete items or make such revisions as it deemed appropriate and may arrange items in the order of priority for acquisition or construction.  After making any desired corrections or additions, the Council shall adopt the capital outlay program at the same meeting as it adopts the regular annual budget, but such adoption shall be only for the purpose of setting up a guide for future capital expenditures and in no way shall obligate the City to carry out the programs listed nor to include any of the items in future budgets nor to appropriate funds for any of the items or programs.  In the preparation of the annual budget, neither the City Manager nor the Council shall include or appropriate funds for any capital expenditure unless the item was included in the capital outlay program submitted with the budget, or the capital expenditure is deemed by the Council to be of an emergency nature.

Section 9.4.  Budget Hearing.

       A public hearing on the proposed budget shall be held before its final adoption at such time and place as the Council shall direct.  Notice of such public hearing, a summary of the proposed budget and notice that the proposed budget is on file in the office of the Clerk shall be published at least one (1) week in advance of the hearing.  The complete proposed budget shall be on file for public inspection during office hours at such office for a period of not less than one (1) week prior to such hearing.

Section 9.5.  Adoption of Budget.

(A)  Not later than the second Monday of October in each year, the Council shall meet to consider the adoption of a budget for the next fiscal year.  Council may, by resolution, adopt the budget on this date, or may continue the matter to a date no later than the fourth Monday in October.  In any event, Council shall by resolution, adopt the budget no later than the fourth Monday in October.  When Council adopts the budget, Council shall provide for a levy of the amount necessary to be raised by taxes upon real and personal property for municipal purposes.

(B)   The Council shall thereupon cause the total levy to be certified to the County Assessor, who shall extend the same upon the tax list of the current year in a separate column entitled "City of Westminster Taxes" and shall include said City taxes in the Assessor's general warrant to the County Treasurer for collection.  On or before the last day of the current fiscal year the Council shall appropriate, by ordinance, the money needed for municipal purposes during the next fiscal year of the City.  The annual appropriation ordinance shall be based upon the budget as adopted.  (Amended 11-7-95)

(C)   Nothing in this section 9.5 shall be construed to preclude the Council from adopting a budget for two (2) fiscal years instead of one (1) fiscal year, according to such procedures as Council shall prescribe by ordinance.   (added 11-7-2000)

Section 9.6.  Budget Control.

       Except for purposes which are to be financed by the issuance of bonds or by special assessment, or for other purposes not chargeable to a budget appropriation, no money shall be drawn from the treasury of the City except in accordance with an appropriation thereof for such specific purpose, nor shall any obligation for the expenditure of money be incurred without an appropriation covering all payments which will be due under such obligation in the current fiscal year, except that:

(1)Money from the contingency fund may be transferred by resolution at any time during the year.

(2)The City Manager may order the transfer of funds within a departmental budget at any time during the year.

(3){The} Council may order the transfer of any unencumbered appropriation balance, or any portion thereof, from one account, department, fund or agency to another at any time during the year.

       The Council may make additional appropriations by ordinance during the fiscal year for unanticipated expenditures required of the City, but such additional appropriations shall not exceed the amount by which actual and anticipated revenues of the year are exceeding the revenues as estimated in the budget, unless the appropriations are necessary to relieve an emergency endangering the public health, peace or safety.

       Except in those cases where there is no logical account to which an expenditure can be charged, expenditures shall not be charged directly to the contingency fund (or other similar fund).  Instead, the necessary part of the appropriation for the contingency fund (or other similar fund) shall be transferred to the logical account and the expenditure then charged to such account.

       At the beginning of each quarterly period during the fiscal year, and more often if required by the Council, the City Manager shall submit to the Council data showing the relation between the estimated and actual revenue expenditures to date; and if it shall appear that the revenues are less than anticipated, the Council may reduce appropriations, except amounts required for debt and interest charges, to such a degree as may be necessary to keep expenditures within the revenues.

       The balance of any budget appropriation which has not been encumbered at the end of the fiscal year shall revert to the fund from which the appropriation was made.  (As amended 11-4-75, 11-5-91)

Section 9.7.  Sinking Funds.

       The Council may by ordinance provide for sinking or special funds, to provide for monies held in trust; for depreciation and obsolescence of structures, machinery and equipments; for debt service; and for local improvements.  (As amended 11-4-75)

Section 9.8.  Depository.

       The Council shall designate depositories for City funds and shall provide for the regular deposit of all City monies.  The Council shall provide for such security for City deposits as is authorized or permitted by statute, except that personal surety bonds shall not be deemed proper security.

Section 9.9.  Investments.

       Monies remaining in any fund, in the discretion of the City Administration, may be invested until needed for disbursement, in one (1) or more of the investments permitted by the laws of Colorado governing investments of the State of Colorado public funds.

       Interest on such investments shall be credited to the fund to which the invested money belongs, if such can be determined, otherwise to the General Fund of the City.  (As amended 11-1-83)

Section 9.10.  Independent Audit; Annual Report.

       An independent audit shall be made at least annually in accordance with generally accepted accounting principles as they pertain to governments for all funds reported in the comprehensive annual financial report, and more frequently if deemed necessary by the Council.  Such audit shall be made by certified or registered public accountants, experienced in municipal accounting, selected by the Council.

       The City Manager shall prepare an annual report of the affairs of the City, including a financial report.  Copies of such audit and annual report shall be made available for public inspection at the office of the City Manager.  (As amended 11-3-87)

Section 9.11.  Retirement Plan; Police Eligible.

       The City shall establish Pension Plans for all eligible employees of the City upon such terms and conditions as may be enacted by the Council.  There may be separate plans for the firefighters, the police and such other classes of employees as Council may determine.

       The Council shall provide by ordinance for the appointment of a board of trustees for each plan and for the control, management, administration and application of said funds.  (As amended 7-24-73, 11-7-89)