2148                                Municipal Charters

43.    (Budget): The Mayor, on such date as the Council by ordinance
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 estimates
of anticipated revenues and proposed expenditures for the coming year.
The total of the anticipated revenues shall equal or exceed the total of the
proposed expenditures. The budget shall be a public record in the office of
Treasurer, open to public inspection by anyone during normal business
hours.

44.    (Budget Adoption): Before adopting the budget the Council
shall hold a public hearing thereon after two weeks notice thereof in a
county newspaper and post in Town Hall. The Council may insert new
items or may increase or decrease the items of the budget. Where the
Council shall increase the total proposed expenditures it shall also increase
the total anticipated revenues in an amount at least equal to 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
elected membership of the Council shall be necessary for adoption.

45.    (Appropriations): 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 proposed expenditures shall
be and become appropriated to the several objects and purposes named
therein. The chairman of any committee in an emergency, may make an
expenditure under $50.00 without prior approval of Council, any expendi-
ture in excess of $50.00 must have Council approval or be approved by the
Mayor and three Councilmen.

46.    (Transfer of Funds): Any transfer of funds between major
appropriations for different purposes by the Mayor must be approved by
the Council before becoming effective.

47.    (Over-Expenditure Forbidden): No officer or employee shall
during any budget year expend or contract to expend any money or incur
any liability or enter into any contract which by its terms involves the
expenditure of money for any purpose, in excess of the amounts appro-
priated for or transferred to that general classification of expenditure
pursuant to this Charter. Any contract, verbal or written, made in viola-
tion of this Charter shall be null and void. Nothing in this section con-
tained, however, shall prevent the making of contracts or the spending of
money for capital improvements to be financed in whole or in part by the
issuance of bonds, nor the making of contracts of lease or for services for a
period exceeding the budget year in which such contract is made, when
such contract is permitted by law.

48.     (Appropriations Lapse After One Year): All appropriations
shall lapse at the end of the budget year to the extent that they shall not
have been expended or lawfully encumbered. Any unexpended and unen-
cumbered funds shall be considered a surplus at the end of the budget year
and shall be included among the anticipated revenues for the next suc-
ceeding budget year.

49.    (Checks): All checks issued in payment of salaries or other
municipal obligations shall be issued and signed by the Treasurer.

50.    (Taxable Property): All real property and all tangible personal
property within the corporate limits of the Town, or personal property
which may have a situs there by reason of the residence of the owner
therein, shall be subject to taxation for municipal purposes, and the assess-