Grass Valley Municipal Code Art. X Finances

Expenditures and Indebtedness: No money shall be expended and no indebtedness shall be incurred on behalf of the city, for any purpose, unless and until the same shall have been authorized by ordinance, resolution, or order of the council, or in case of bonds, by vote of the people.

The fiscal year of the city government shall begin on the first day of July of each year and end on the 30th day of June of the following year, unless the council shall provide otherwise by ordinance or resolution.

Not later than the first day of the last month of the fiscal year, the city administrator shall submit to the council a proposed budget for all of the offices, departments, and agencies. The budget shall include estimates of the revenues and expenditures of each city department, office, or agency for the ensuing year.

After reviewing the proposed budget and making such revisions as it may deem advisable, the council shall schedule a public hearing thereon and shall cause to be published a notice thereof not less than ten days prior to said hearing, by at least one insertion in an adjudicated newspaper in the city.

Copies of the proposed budget shall be available for inspection by the public in the office of the city clerk at least ten (10) days prior to the hearing.

At the time so advertised, or at any time to which such public hearing shall from time to time be adjourned, the council shall hold a public hearing on the proposed budget.

After the conclusion of the public hearing the council shall further consider the proposed budget and make any revisions that it may deem advisable, and before the first day of the succeeding fiscal year, it shall adopt the budget with revisions, if any, by the affirmative votes of at least three members.

From the effective date of the budget, the several amounts stated therein as proposed expenditures shall be and become appropriated to the several departments, offices and agencies for the respective objects and purposes therein named.

All appropriations shall lapse at the end of the fiscal year to the extent that they shall not have been expended or lawfully encumbered or set aside for capital outlay.

At any meeting after the adoption of the budget, the council may amend or supplement the budget by motion adopted by the affirmative votes of at least three members so as to authorize the transfer of unused balances appropriated for one purpose to another, or to appropriate available revenue not included in the budget.

The procedure for the assessment, levy, and collection of taxes may be prescribed by ordinance of the council; and in the absence of such an ordinance, the procedure applicable thereto shall be that prescribed by the general laws of the state.

The council shall have power to issue revenue bonds for the purpose and by the procedures now or hereafter authorized by the general laws of the State of California, including the issuance of refunding revenue bonds.

The bonded debt of the city shall at no time exceed a total of fifteen [percent] (15%) of the assessed valuation of all property taxable for city purposes; provided, however, that bonds issued for the acquisition, extension, betterment, or maintenance of municipally owned public utilities shall not be considered in fixing such limitation.