1550 LAWS OF MARYLAND [CH. 538

control of any set of trustees, and have custody of all bonds
and notes of the town.

(h) Do such other things in relation to the fiscal or
financial affairs of the town as he deems necessary or as
the council may require or as may be required elsewhere
in this charter.

BOND

41. The mayor, as chief financial officer of the town,
shall provide a bond with such corporate surety and in
such amount (but not less than $5, 000. 00) as the council
by ordinance may require.

FISCAL YEAR

42. The town shall operate on an annual budget. The
fiscal year of the town shall begin on the first day of Jan-
uary and shall end on the last day of December of each
calendar year. Such fiscal year shall also constitute the
tax year, the budget year, and the accounting year.

BUDGET

43. The mayor, on such date as the council shall de-
termine, but at least thirty-two days before the beginning
of any fiscal year, shall submit a budget to the council. The
budget shall provide a complete financial plan for the
budget year and shall contain estimates of anticipated reve-
nues and proposed expenditures for the coming year. The
total of the anticipated revenues shall equal the total of the
proposed expenditures. The budget shall be a public rec-
ord in the office of the mayor open to public inspection by
anyone.

BUDGET ADOPTION

44. Before adopting the budget the council shall hold
a public hearing thereon. The council may insert new
items or may increase or decrease the items of the budget.
Where the council shall increase the total proposed ex-
penditures it shall also increase the total anticipated reve-
nue to at least equal such total proposed expenditures. The
budget shall be prepared and adopted in the form of an
ordinance. A favorable vote of at least a majority of the
total membership of the council shall be necessary for
adoption.

APPROPRIATIONS

45. No public money may be expended without having
been appropriated by the council. From the effective date