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CHAPTER 7 TAXATION AND FINANCES Section 7.01 Council to Control Finances. The Council shall have full authority over the financial affairs of the City except as limited or prohibited by the state constitution, state laws, or this Charter. It shall provide for the collection of all revenues and other assets, and the auditing and settlement of accounts. It shall further provide for the safekeeping and disbursements of public monies by the City Treasurer. Section 7.02 Fiscal Year. The fiscal year of the City shall be the calendar year. Section 7.03 S stem of Taxation. Subject to the state constitution, and except as forbidden by it or by state law, the Council shall have full power to provide by ordinance for a system of local taxation. This authority includes the power by ordinance to assess, levy, and collect taxes on all subjects or objects of taxation except as limited or prohibited by the state constitution, by this Charter or by state laws imposing restrictions upon the City irrespective of Charter provisions. Subdivision 1. The City's annual resolution to levy ad valorem taxes (raising money against real and personal property) shall not exceed the lesser of the following formulas; either the prior year tax levy dollar amount increased by a maximum of 5%, or CPI (Consumer Price Index) plus 2%. The CPI shall be the 12 month average of the most recently published data for all Urban Consumers in the Minneapolis, St. Paul metropolitan area, as defined by the U.S. Department of Labor, Bureau of Labor. Statistics. Subdivision 2. The City Council may levy a tax against real and personal property in excess of the limit set in Subdivision 1 provided the Council shall: A) Adopt a resolution declaring the necessity for a n additional tax levy and specifying the purposes for which such additional tax levy is required. B) Hold a public hearing upon at least 10 days posted and published notice in the City's official newspaper, City newsletter, and, if available, the City web site, setting forth the contents of the resolution described in Subdivision 2A. C) After such public hearing, adopt by an affirmative vote of at least four (4) members of the Council such resolution language which is readily understandable and a summary of such resolution will be. the ballot question for the electorate at the next regular municipal election or special election, per this Charter's Section 4.04, as amended, prior to the final levy approval. D) If the additional tax levy resolution is then approved by the voters under Chapter 4 of this Charter then the levy shall be implemented in the following fiscal year or later date as specified in the resolution.