1444 LAWS OF MARYLAND [CH. 662

(c) Have custody of all public moneys, belonging to or
under the control of the city, except as to funds in the con-
trol of any set of trustees, and have custody of all bonds and
notes of the city.

BONDS:

44. The clerk SAID CLERK, TREASURER, AND TAX
COLLECTOR shall provide a bond with such corporate
surety and in such amount (but not less than $2, 000. 00) as
the council by ordinance may require.

FISCAL YEAR:

45. The city shall operate on an annual budget. The
fiscal year of the city shall begin on the first day of July and
shall end on the last day of June of each calendar year.
Such fiscal year shall also constitute the tax year, the bud-
get year, and the accounting year.

BUDGET:

46. The commissioner of finance and revenue, on such
date as the council shall determine, 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 esti-
mates of anticipated revenues and proposed expenditures
for the coming year. The total of the anticipated revenues
shall equal the total of the proposed expenditures. The bud-
get shall be a public record in the office of the clerk, open to
public inspection by anyone.

BUDGET ADOPTION:

47. Before adopting the budget the council shall MAY
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 expendi-
tures it shall also increase the total anticipated revenue 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 mem-
bership of the council shall be necessary for adoption.

APPROPRIATIONS:

48. No public money may be expended without having
been appropriated by the council. From the effective date
of the budget, the several amounts stated therein as pro-