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ARTICLE IX <br />FINANCE <br />9 -1: Fiscal Year. The fiscal year of the Town shall be the calendar year. <br />9 -2: Contracts. Except as otherwise prescribed by the Town Council, the Town Council shall <br />approve all contracts for the Town. All employment or personal service contracts <br />shall either terminate in one year or less or be tenninable for the Town's convenience. <br />9 -3: Funds and Accounts. The Town Council may establish such funds and accounts as <br />necessary or convenient for the Town. Funds and accounts may be established by <br />ordinance, resolution or by the annual budget. <br />9 -4: Budget. <br />(A) The Town Council shall cause the preparation of a proposed annual budget by <br />the first regular Council meeting in October of each year for the next fiscal year. <br />(B) The budget shall contain at a minimum the following information: <br />(1) Detailed revenues, expenditures and balances for each fund and account for <br />(a) the prior fiscal year, <br />(b) the adopted budget for the current fiscal year, <br />(c) the estimated actual revenues and expenditures for the current year and <br />(d) the budget year. <br />(2) Prior to the adoption of the budget, a public hearing shall be held, notice of <br />which shall be posted and published once in a newspaper of general circulation <br />within the Town at least 15 days prior to the hearing. <br />(3) Prior to adoption of the budget, the Council may amend the proposed budget <br />as appropriate. <br />(4) The budgeted expenditures shall be balanced by budgeted revenues, which <br />may include fund balances and reserves. <br />(5) The Council shall adopt the budget by the minimum vote of 4 members of <br />Council by resolution prior to December 15. Adoption of the budget shall constitute <br />the appropriation of the budgeted expenditures by fund. <br />The Charter of the Town of Rid.away 19 <br />