[4-7-2020]
Unless otherwise provided by ordinance, the fiscal year of the Town shall begin on the first day of January and end on the last day of December of each year.
[4-7-2020]
At such time as the Council may provide by ordinance, the Town Manager shall cause to be prepared and submitted to the Council a proposed budget and accompanying message. The proposed budget shall provide a financial plan for all Town funds and activities for the next fiscal year and, if the Council provides by ordinance, shall provide such a financial plan for the subsequent fiscal year or years, and except as required by this Charter, shall be in such form as the Council may require. The proposed budget shall contain a general summary of its contents and, if the Council provides by ordinance, shall include comparative figures for revenues and expenditures for the current and prior fiscal year or years.
[4-7-2020]
The proposed budget shall include, but not be limited to, in separate sections the following information:
A.
An estimate of anticipated revenues classified by source;
B.
An estimate of cash available, if any, as of December 31 of the current fiscal year;
C.
Proposed expenditures for the operation of the Town, by fund, department, office and agency, and the methods of financing such expenditures;
D.
Provisions for reserves and contingencies;
E.
Proposed capital expenditures, by fund, department, office and agency, and the proposed methods of financing such expenditures;
F.
Anticipated net surplus or deficit for each municipal utility system and the proposed method of its disposition;
G.
Anticipated net surplus or deficit for each municipal enterprise and the proposed method of its disposition;
H.
An estimate of the amount required to be raised from an ad valorem property tax levy;
I.
A statement of the outstanding securities and other debt and payment obligations of the Town, showing the debt redemption and interest requirements, the debt authorized and outstanding and the condition of sinking funds, if any; and
J.
Such other information as the Council may require.
[4-7-2020]
A.
Concurrently with the date of submission of the proposed budget to the Council, or at such other time as the Council may require by ordinance, the Town Manager shall cause to be prepared and submitted to the Council a recommended capital program for the next fiscal year and for such subsequent fiscal years as provided by the Council by ordinance.
B.
The recommended capital program shall include, but not be limited to, the following information:
1.
A general summary of its contents;
2.
A list of all capital improvements which are recommended to be undertaken, continued or completed;
3.
Cost estimates and methods and timing of financing the improvements;
4.
The estimated annual cost of operating and maintaining the improvements; and
5.
Such other information as the Council may require.
C.
The recommended capital program, following adoption, shall serve as a guide for the planning of capital improvements.
[4-7-2020]
A public hearing on the proposed budget and capital program shall be held by the Council after receipt of the proposed budget. Notice of the time and place of such hearing shall be published or notice provided by such methods as described in this Charter at least one (1) time not less than ten (10) days prior to the hearing and shall state that copies of the proposed budget and the proposed capital program are available for public review or inspection at the Town.
[4-7-2020]
After the public hearing the Council may adopt the budget as presented or amended. In amending the budget, the Council may add or increase programs or amounts and may delete or decrease programs or amounts except those expenditures required by law, for debt service or for estimated cash deficits. Such amendments shall not increase the total expenditures for the overall budget as presented at the public hearing. If such amendment does increase the total expenditures, then another public hearing shall be held prior to adoption of the budget, subject to notice as described in Section 12.5.
[4-7-2020]
The Council shall adopt the budget for the next fiscal year by ordinance or resolution on or before the final day of the current fiscal year. If it fails to adopt the budget for the next fiscal year by this date, the amounts appropriated for the current operations for the current fiscal year shall be deemed adopted for the next fiscal year on a month-to-month basis, with all items in it prorated accordingly, until such time as the Council adopts the budget for the next fiscal year.
[4-7-2020]
A.
Adoption of the budget by the Council shall constitute appropriations of the amounts specified therein for expenditure from the funds indicated.
B.
The proceeds of any municipal borrowing shall not be subject to any requirement of prior budgeting or appropriation as a condition of their expenditures.
C.
The amount necessary to repay any such municipal borrowing, including interest, need not be budgeted or appropriated in full in the year in which the borrowing occurs. However, such amounts necessary to pay debt service shall be budgeted and appropriated on an annual basis, provided that no failure to budget and appropriate such annual debt service amounts shall affect the enforceability of any covenant of the Town to make such payments.
[4-7-2020]
The Council shall cause the property tax to be certified to the county for collection as required by law.
[4-7-2020]
Copies of the budget and the capital program as adopted shall be public records and shall be available to the public.
[4-7-2020]
A.
Supplemental Appropriations: If during the fiscal year the Town Manager certifies to the Council that there are revenues available for appropriation in excess of those estimated in the budget, the Council may by resolution make supplemental appropriations for the year not to exceed the amount of such excess, provided that such additional spending is not in conflict with the Colorado Constitution.
B.
Emergency Appropriations: To meet a public emergency affecting life, health, property or the public good or peace, the Council may make emergency appropriations. To the extent that there are no available unappropriated revenues to meet such appropriations, the Council may authorize the issuance of emergency notes.
C.
Reduction of Appropriations: If during the fiscal year it appears probable to the Town Manager that the revenues available will be insufficient to meet the amount appropriated, it shall be reported to the Council without delay, indicating the estimated amount of deficit, any remedial action taken and recommendations as to any other steps to be taken. The Council shall take such further action it deems necessary to prevent any deficit. For that purpose, it may, by resolution, reduce one or more appropriations.
D.
Transfer of Appropriations: The Town Council may, by resolution, authorize a maximum amount which the Town Manager may transfer from any unused balance of any general fund appropriation or portion thereof from one (1) department or other spending unit to another. Except as otherwise provided in this Charter, the transfer of monies from one (1) fund to another shall only be made by a resolution amending the budget as adopted.
E.
Reports: as often as required by the Council, the Town Manager shall submit to the Council data showing the relation between the estimated and actual revenues and expenditures to date.
F.
Administrative Fiscal Responsibilities: Each department head shall have the responsibility to advise the Town Manager, who shall then advise the Council, of any financial irregularities in the department.
G.
Limitation, Effective Date: No appropriation for debt service may be reduced or transferred. No appropriation may be reduced below any amount required by law to be appropriated or by more than the amount of the unencumbered balance thereof. The supplemental appropriations, emergency appropriations, and reduction or transfer of appropriations authorized by this Section 12.12 may be made effective immediately upon adoption.
[4-7-2020]
During the fiscal year no Town official, employee, or spending agency shall expend any money, incur any liability, or enter into any contract which, by its terms, involves the expenditures of money in excess of the amounts appropriated. Any liability or contract, verbal or written, made in violation of this Section 12.13, shall be void and no monies belonging to the Town shall be paid on such liability or contract.
[4-7-2020]
Nothing in this Article 12 shall prevent the Town from entering into multiple fiscal year contracts in the manner provided by law.
[4-7-2020]
The Council may adopt ordinances or resolutions providing for the establishment and operation of municipal enterprises.
[4-7-2020]
The Council shall provide for an independent annual audit of all Town funds and accounts by a certified public accountant selected by the Council and may provide for more frequent audits as it deems necessary. The accountant selected shall have no direct personal interest in the fiscal affairs of the Town, of any member of the Council, or of any other official of the Town. Unless another date is provided by ordinance, the audit shall be completed within six (6) months after the close of the fiscal year. Copies of the audit shall be available for public inspection or review.
