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• <br /> CHAPTER 7 <br /> 410 <br /> • TAXATION AND FINANCES <br /> Sec. 7.01. Council to Control Finances. The council shall have full authority <br /> over the financial affairs of the city except as limited or prohibited by the state <br /> constitution, state laws, or this Charter. It shall provide for the collection of <br /> all revenues and other assets, the auditing and settlement of accounts, and the <br /> safekeeping and disbursement of public moneys: <br /> Sec. 7.02. Fiscal Year. The fiscal year of the city shall be the calendar year. <br /> Sec. 7.03. System of Taxation. Subject to the state constitution, and except as <br /> forbidden by it or by state law, the council shall have full power to provide by <br /> ordinance for a system of local taxation. This authority includes the power by <br /> 4111 ordinance to assess, levy, and collect taxes on all subjects or objects of taxation <br /> except as limited or prohibited by the state constitution, by this Charter or by <br /> state laws imposing restrictions upon the city irrespective of Charter provisions. <br /> Sec. 7.04. Submission of Budget. Subdivision 1. Annually the city staff shall <br /> submit to the council its budget estimates in accordance with a budget calendar to <br /> be established by ordinance or, in the absence of ordinance, September 1. The budget <br /> shall provide a complete financial plan for all city funds and activities for the <br /> ensuing fiscal year and, except as required by state law or this Charter, shall be <br /> in such form as the council may require. It shall include a summary and show in <br /> detail all estimated income and all proposed expenditures, including debt service <br /> and comparative figures for the current fiscal year, actual and estimated, and the <br /> preceding year. <br /> • <br />