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<br />(h) No contract shall be made with any person, firm or <br />corporation who is in default to the city. <br />Section 7.4 - Sale or Lease of property: <br />(a) ci ty counci 1 may sell, exchange or di spose of publ i c <br />utilities, or permanent public buildings or real or personal <br />propertb currentlh in use for ,ubliC purposes, with or without <br />first 0 taining t e approval 0 a majorit~ of the electors vot- <br />ing thereon, as shall be determined by t e council and enacted <br />by ordinance. <br />(b) The counci 1 may 1 ease, for such term as council shall <br />determine, which may include a term in excess of one year, any <br />real or personal property to or from any person, firm or corpo- <br />ration, public or private, governmental or otherwise, and such <br />lease shall not be considered a debt of the City, and shall not <br />be included as part of the indebtedness of the city for purposes <br />of determining any debt limitation thereof. <br /> ARTICLE VIII <br /> CITY FINANCES <br />Section 8.1 - Fiscal Year: <br />The fiscal year of the City shall begin on the first day of <br />January and end on the last day of December unless otherwise set <br />by ordinance. <br />Section 8.2 - Submission of Budget and BudQet Messa,e: <br />The City Manager, prior to the beglnning 0 each fiscal <br />year, shall submit to the City council the budget for said ensu- <br />ing fiscal year and an accompanying message. <br />(a) The budget and all accounting records of the city <br />shall be prepared and maintained in accordance with generally <br />accepted accounting principles. <br />(b) In any year in whi ch a general property tax 1 evy is <br />anti ci pated, such budget shall be submi tted no 1 ater than the <br />twentieth day of September of each year. <br />Section 8.3 - Budget Message: <br />The Mana3er's message shall exklain the budget both in fis- <br />ca 1 terms an in terms of the wor pro~rams. It shall outl i ne <br />the proposed financial policies of the Clty for the ensuing fis- <br />cal year, describe the important features of the budget, indi- <br />cate any major changes from the current year in financial <br />Rolicies, expenditures, and revenues, together with the reasons <br />for such chan~es, summari ze the ci ty' s debt posi ti on, and i n- <br />cl ude such at er materi al as the Manager deems desi rabl e or <br />which the City council may require. <br />Section 8.4 - Budget Content: <br />The budget shall provi de a complete fi nanci alp 1 an of all <br />Municipal funds and activities for the ensuing fiscal year and, <br />