Charter Article XIV FINANCE AND TAXATION

ARTICLE XIV.
FINANCE AND TAXATION

Sec. 14.1. Fiscal Year.

The City’s fiscal year shall be the calendar year.

Sec. 14.2. Taxation, Indebtedness and Bonds.

The City shall have all powers granted to, or not withheld from cities of like class by the constitution and laws of the state in the levying and collecting of taxes, incurring of indebtedness, issuance, transfer, refunding, and sale of bonds, and any lawful financing procedures or methods.

Sec. 14.3. Budgets and Budgetary Procedures.

The budget shall be prepared and acted upon in the manner and within the time limit prescribed by state law. The Council may prescribe budget procedures supplemental to, and not inconsistent with, the provisions of the state law and this charter.

Sec. 14.4. Budget Control.

At the beginning of each quarterly period during the fiscal year, and more often if required by the Council, the Mayor shall submit to the Council data showing the relation between the estimated income and expenses and actual income and expenses to date; and if it shall appear that the income is less than anticipated, the Council may reduce appropriation, except amounts required to meet contractual obligations and for debt, interest, and other fixed charges, to such a degree as may be necessary to keep expenditures within the cash income.

Sec. 14.5. Treasurer.

(a) The Treasurer shall, before entering upon Treasurer duties, give to the City a bond executed by some surety company authorized to do business in the State of Washington, in such sum as the Council shall prescribe by ordinance, and the premium shall be prescribed by ordinance, and the premium shall be paid by the City.

(b) The Treasurer shall establish internal control policies based on the standards promulgated by the American Institute of Certified Public Accountants and the federal Office of Management and Budget to ensure that resources are guarded against waste, loss and misuse; that reliable data is obtained, maintained, and fairly disclosed in financial statements; and resource use is consistent with laws, regulations, and policies.

(c) Should there come into the hands of any other officer or employee of the City any money belonging to the City, he or she shall immediately pay the money to the Treasurer, taking a receipt in return. (Ord. 2924-06 § 16 (part), 2006)

Sec. 14.6. Disbursements of Funds.

Repealed by Ord. 2924-06.

Sec. 14.7. Deposits and Depositaries.

All funds received by the City Treasurer shall be deposited in a depositary selected and qualified in accordance with state law.

Sec. 14.8. Checks on Depositaries.

No disbursement shall be made by the Treasurer except by check, electronic funds transfer or other form of funds transfer approved by City Council, on a City depository, and every such check or funds transfer for an amount greater than $1,000.00 shall be countersigned or approved by the Mayor; provided, however, that the Mayor may authorize the Treasurer or designee to so countersign checks or approve such funds transfer, such authorization to be in writing and in duplicate, one copy of which shall be delivered to the Treasurer, and one to the depository upon which such checks or funds transfer are to be drawn. City Council shall review the amount at least once every five (5) years and adjust the amount as necessary. Every fund transfer shall have a reference number. The Treasurer shall make a daily statement to the Clerk of the number and amount of each check issued. (Ord. 2924-06 § 16 (part), 2006: amended 11-5-96)

Sec. 14.9. Monthly Statements.

The account of the City in each depositary shall be in the name of the “City of Everett”. Each depositary shall render a monthly statement of the credits and debits to the account of the City, and such monthly statement, together with the canceled vouchers, shall be delivered to the Clerk. The Clerk shall compare and reconcile all such statements of account with the records in the Clerk’s office and shall report to the Mayor that such statements are correct or otherwise, and when found correct the statement and vouchers shall be delivered by the Clerk to the City Treasurer.

Sec. 14.10. Officials Not to Buy or Sell Bonds or Warrants.