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<br />Budgetary Procedures... The City Charter establishes the fiscal year as the twelve-month period <br />beginning October 1. The departments submit to the City Manager a budget of estimated expenditures for <br />the ensuing fiscal year by the first of June. The City Manager subsequently submits a budget of estimated <br />expenditures and revenues to the City CounciJ by August J. Fhe City Council shalJ hold a public hearing <br />on the budget after giving at least 7 days notice of the hearing in the official newspaper of the City. The <br />Council shall then make any changes in the budget as it deems advisable and shall adopt a budget prior to <br />September 15. <br /> <br />During the fiscal year, budgetary control is maintained by the review of departmental appropriation <br />balances with purchase orders prior to their release to vendors. <br /> <br />Departmental appropriations that have not been expended lapse at the end of the fiscal year. Therefore, <br />funds that were budgeted and not used by the departments during the fiscal year are not available for <br />their use unless appropriated in the ensuing fiscal year's budget. <br /> <br />Fund Investments. . . The City investment policy parallels state law which governs investment of public <br />funds. The City generally restricts investments to direct obligations of the United States Government and <br />to insured or coHareralized bank certificates of deposit. <br /> <br />- 14 - <br />