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CHAPTER 7 (Rough Draft) <br /> TAXATION AND FINANCES <br /> Sec. 7.01. Council to control finances. The council shall have full <br /> authority over the financial affairs of the city except as limited or <br /> prohibited by the state constitution, state laws, or this charter. It <br /> shall provide for the collection of all revenues and other assets, the <br /> auditing and settlement of accounts, and the safexeeping and disbursement <br /> of public moneys. <br /> Sec. 7.02. Fiscal year. The fiscal year of the city shall be the calen- <br /> dar year. <br /> Sec. 7.03. System of taxation. Subject to the state constitution, and <br /> except as forbidden by it or by state law, the council shall have full <br /> power to provide by ordinance for a system of local taxation. This author- <br /> ity includes the power by ordinance to assess, levy, and collect taxes <br /> on all subjects or objects of taxation except as limited or prohibited by <br /> the state constitution, by this charter or by laws imposing restrictions <br /> upon the city irrespective of charter provisions. <br /> Sec. 7.04, Submission of budget. Annually the city staff shall submit <br /> to the council its recommended budget in accordance with a budget calen- <br /> dar to be established by ordinance or, in the absence of ordinance, Sept- <br /> ember 1. <br /> The budget shall provide a complete financial plan for all city funds and <br /> activities for the ensuing fiscal year and, . except as required by law <br /> or charter, shall be in such form as the council may require. It. shall <br /> include a summary and show in detail all estimated income and all proposed <br /> expenditures, including debt service and comparative figures for the <br /> current fiscal year, actual and estimated, and the preceding fiscal year. <br /> In addition to showing proposed expenditures for current operations, it <br /> shall show proposed capital expenditures to be made during the year and <br /> the proposed method of financing each such capital expenditure. For each <br /> utility operated by the city, the budget shall show anticipated net sur- <br /> plus or deficit and the proposed method of its disposition; and subsidiary <br /> budgets for each such utility giving income and expenditure information <br /> shall be included or attached as appendices. The total proposed opera- <br /> ting budget to be provided from the property tax shall not exceed the <br />