Kingsburg Municipal Code Art. V Municipal Finance

The City Council may not levy local general or special property taxes except as allowed by law and Council ordinance. To the full extent allowed by law, the people of Kingsburg reserve by referendum and initiative all rights to rescind, enact or adjust any such local tax by majority voter approval of a local election measure.

The Council shall maintain a revenue structure adequate to meet City financial requirements for execution of balanced programs determined by the City Council to be necessary to carry out the Council's powers, duties, obligations and mandates.

The Council shall establish local budget and accounting procedures consistent with State law and standard municipal accounting practices providing for the following:

(A) Noticed public hearing and adoption by June 30 of a balanced budget for the following fiscal year for each agency under the Council's direct control.

(B) A budget format setting forth estimated revenues and operating and capital expenditures by source, fund and/or department, together with such reserve accounts as the Council shall determine to be appropriate.

(C) Budget revisions during the fiscal year, including provision for supplemental appropriations arid transfers within and between budgets, funds, accounts and/or departments.

(D) Fiscal control measures regarding deposit, expenditure and investment of funds consistent with the foregoing.

The City shall comply with all Federal and State bidding, purchasing and contracting laws applicable to general law cities except as otherwise provided by duly-adopted City ordinance regulating municipal affairs.