3911
RIVERDALE

The town shall operate on an annual budget. The
fiscal year of the town shall begin on the first day of
July in any year and shall end on the last day of June in
the following year. The fiscal year constitutes the tax
year, the budget year and the accounting year.

-21.2 Budget

The Mayor, on such date as the Council determines
but at least 60 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 the Treasurer, open to
public inspection by anyone during normal business hours.

—21.3.Same - adoption

Before adopting the budget the Council shall hold a
public hearing thereon after two weeks notice thereof in
some newspaper or newspapers having general circulation
within the Town. The Council may insert new items or may
increase or decrease the items of the budget. If the
Council increases the total proposed expenditures, it
shall also increase the total anticipated revenues in an
amount at least equal to the total proposed expenditures.
The budget shall be adopted, by at least a majority of
the total elected membership of the Council, not later
than June 30th of each fiscal year.

—21.4.Appropriations - expenditures

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 therein.

—21.5.Reserve fund

A reserve fund may be established in the amount not
to exceed ten per cent of the operating budget. This
fund may be used from time to time for such purposes as
(1) Capital expenditures, i.e. equipment, facilities,
roads, etc. or (2) To guarantee the temporary
continuation of services directly affected by a loss of
supporting budgeted revenues. Planning and budgeting
each year shall reflect the policy of maintaining a
reserve fund.

-21.6.Transfer of funds