2184                               Municipal Charters

Sec. 82-40. (Budget). The President on such date as the Board shall
determine, but at least thirty days before the beginning of any fiscal year,
shall submit a budget to the Board. The budget shall provide a complete
financial plan for the budget year and shall contain estimates of antici-
pated revenues and proposed expenditures for the coming year. The budget
shall be a public record in the office of the treasurer, open to public inspec-
tion during normal business hours.

Sec. 82-41. (Budget Adoption). Before adopting the budget the
Board may hold a public hearing thereon upon such notice as may be
deemed appropriate. The Board may increase, decrease or eliminate any
item in the budget and may add new items thereto. The budget shall be
adopted in the form of an ordinance. A favorable vote of at least a
majority of the total elected membership of the Board shall be necessary
for adoption.

Sec. 82-42. (Appropriations). No public money may be expended
without having been appropriated by the Board. 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.

Sec. 82-43. (Transfer of Funds). Any transfer of funds between
major appropriations for different purposes by the President must be
approved by the Board before becoming effective.

Sec. 82-44. (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
appropriated for or transferred to that general classification of expendi-
ture pursuant to this Charter. Any contract, verbal or written, made in
violation of this Charter shall be null and void. Nothing in this section
contained, 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.

Sec. 82-45. (Appropriations Lapse After One Year). All appropria-
tions 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
unencumbered funds shall be considered as surplus at the end of the budget
year and shall be included among the anticipated revenues for the next
succeeding budget year.

Sec. 82-46. (Checks). All checks issued in payment of salaries or
other municipal obligations shall be issued and signed by the treasurer.

Sec. 82-47. (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
assessment used shall be the same as that for State and County taxes.

Sec. 82-48. (Tax Levy). On or before the thirtieth day of June in
each and every year, the Board shall determine the tax rate for the ensuing
fiscal year, which determination shall constitute the tax levy for such year.