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Help & SupportArticle VI: Finance and Record
Sec. 88. Fiscal year same as calendar year.
The fiscal year of the city shall commence on the first day of January and end on the last day of December of each year.
Sec. 89. Collection and custody of public moneys.
The chief financial officer shall have charge of the revenues and records of the city except as otherwise provided by this charter or by ordinance. All taxes, special assessments, and license fees accruing to the city shall be received or collected by officers of the department of finance and licensing. All moneys received by any officer or employee of the city or in connection with the business of the city shall be paid promptly into the city treasury.
The council shall by ordinance provide a system for the prompt collection and regular payment, custody, and deposit of all city moneys; shall require reasonable interest on daily balances; and shall require surety bonds of all depositors of city moneys. Deposits shall be made daily and in the name of the city. (Amended by Ord. No. 7799 (2011), § 2, adopted by electorate on November 1, 2011.)
Sec. 90. System of accounting.
The council shall by ordinance provide a system of accounting for the city, not inconsistent with the provisions of this charter, which may be recommended by the city manager, to conform as nearly as possible with the uniform system of municipal accounting.
Sec. 91. Assessment, levy, collection of taxes-equalization.
The council may by ordinance provide a system for the assessment, equalization, levy, and collection of all city taxes, not inconsistent with the provisions of this charter. Until the council shall otherwise by ordinance provide, the statutes of the State of Colorado now or hereafter in force shall govern the making of assessments by the assessor of the county in which the city is situated; the making of equalization by the board of county commissioners of said county; and the collection and payment to the city of taxes by the treasurer of said county for and on behalf of the city, as also in respect of the certification and collection of all delinquent charges, assessments, or taxes.
Sec. 92. Certificate of assessment.
Until the council shall otherwise by ordinance provide, existing laws respecting the duty of the county assessor to certify the total amount of property assessed within the limits of the city to the council as soon as the assessment roll is ready each year for the extension of taxes shall remain in full force and effect.
Not later than three months before the end of each fiscal year, the city manager shall prepare and submit to the council an annual budget for the ensuing fiscal year, based upon detailed estimates furnished by the several departments and other divisions of the city government, according to a classification as nearly uniform as possible. The budget shall present the following information:
(a) An itemized statement of the appropriations recommended by the city manager for estimated expenses and for permanent improvements for each department and each division thereof for the ensuing fiscal year, with comparative statements in parallel columns of the appropriations and expenditures for the current and last preceding fiscal year and the increases or decreases in the appropriations recommended;
(b) An itemized statement of the taxes required and of the estimated revenues of the city from all other sources for the ensuing fiscal year with comparative statements in parallel columns of the taxes and other revenues for the current and last preceding fiscal year and of the increases or decreases estimated or proposed;
(c) A statement of the financial condition of the city; and
(d) Such other information as may be required by the council.
Copies of such budget shall be printed and available for public distribution not later than two weeks after its submission to the council; and a public hearing shall be given thereon by the council or a committee thereof before action by the council.
The council shall, in adopting the said budget, estimate and declare the amount of money necessary to be raised by tax levy, taking into account the amounts available from other sources to meet the expenses of the city for the ensuing year, based on the budget so adopted. Said budget and estimate as finally adopted shall be signed by the mayor and city clerk and made a part of the public records of the city.
Upon said estimate the council shall forthwith proceed to make by ordinance the proper levy in mills upon each dollar of the assessed valuation of all taxable property within the city, such levy representing the amount of taxes for city purposes necessary to provide for payment during the ensuing fiscal year of all properly authorized demands upon the treasury; and until the council shall otherwise by ordinance provide, it shall thereupon cause the total levy to be certified by the clerk to the county assessor, who shall extend the same upon the tax list of the current year in a separate column entitled "the City of Boulder taxes" and shall include said city taxes in a general warrant to the county treasurer for collection. The levy shall never exceed thirteen mills on the dollar for all general city purposes upon the total assessed valuation of said taxable property within the city. The foregoing limitation of thirteen mills shall not apply to taxes levied by the council for the payment of any interest, sinking fund, or principal of any bonded indebtedness of the city now existing or hereafter created nor to special assessments for local improvements.
If the council fails in any year to make said tax levy as above provided, then the rate last fixed shall be the rate for the ensuing fiscal year.
The amount required to make payment of any interest, sinking fund, or principal of bonded indebtedness shall always be included in and met by tax levy, except as otherwise provided for in this charter. (Amended by Ord. No. 1403 (1943), § 1, adopted by electorate on November 2, 1943.)
Upon the basis of the budget as adopted and filed, and including the levies required to be made by this charter, the several sums shall forthwith be appropriated by ordinance to the several purposes therein named for the ensuing fiscal year. Said ordinance shall be adopted not later than the first day of December in each year and shall be entitled "The Annual Appropriation Ordinance."
Sec. 96. Implementation of revenue and expenditure limitations.14
Revenues and expenditures of the city shall not be limited by the revenue and expenditure limitations of paragraph 7(b) of Article X, Section 20 of the Colorado Constitution, nor shall related emergency reserves be required, and the city is authorized to collect, retain, and expend all revenues of the city free from such revenue and expenditure limitations or any that may be enacted in the future, except by amendment of this charter by the electors of the city. (Amended by Ord. No. 5818 (1996), § 2, adopted by electorate on November 5, 1996.)
Sec. 97. Limitation of city indebtedness.
Except as otherwise in this charter provided, no bonds shall be issued for any purpose, except in pursuance of an ordinance authorizing the same, which ordinance shall be irrepealable until the indebtedness therein provided for, and the bonds issued in pursuance thereof, shall have been fully paid; and no bonds, other than refunding bonds, shall be issued unless the question of issuing the bonds shall be submitted to the vote of the registered electors of the city and a majority of those voting thereon shall vote in favor of issuing such bonds. "Registered electors of the city" means those duly registered to vote at a general or special election in the city unless the city council for sufficient reason shall by ordinance calling the election restrict or limit such group.
The city shall not become indebted for any purpose or in any manner to any amount which, including existing indebtedness, shall exceed three percent of the assessed valuation of the taxable property within the city, as shown by the last preceding assessment for city purposes; provided, however, that in determining the limitation of the city's power to incur indebtedness there shall be included only those bonds or other indebtedness payable solely from the proceeds of ad valorem taxes. Bonds or other securities payable in whole or in part from revenue to be derived from water, sewer, electric light and power, gas, or other public utilities, projects, enterprises, works, or ways from which the city will derive the revenue, or from sales, use, or other excise taxes, or from franchise fees or taxes, or from any other fees and charges shall not be included in determining the outstanding indebtedness of the city. Such bonds or other securities may be additionally secured by a pledge of the full faith and credit of the city without being required to be included in such computation of indebtedness. (Amended by Ord. No. 821 (1919), § 1, adopted by electorate on November 4, 1919. Further amended by Ord. No. 3513, (1969), § 1, adopted by electorate on November 4, 1969.)
Anything contained in this charter to the contrary notwithstanding, the council shall be authorized, without approval by vote of the registered electors of the city, to create and incur indebtedness of the city and issue bonds to evidence the same payable from and pledging funds and revenues earmarked and committed by charter provision or by ordinance approved by vote of the registered electors of the city to the purpose for which said bonds are to be issued prior to the issuance thereof, for the following purposes:
For acquisition of open space real property or interest therein payable from and pledging that portion of the proceeds of the city’s sales and use tax earmarked and committed for such purposes; provided that no indebtedness or issue of bonds for such purpose shall be issued without approval by vote of the registered electors of the city unless, at the time such bonds are issued, the projected average annual debt service coverage shall be at least 1.35:1; provided further, however, that refunding bonds may be issued without approval by vote of the registered electors of the city. For purposes of this paragraph, “projected average annual debt service coverage” shall mean the average annual debt service on all bonds outstanding under this paragraph (including without limitation the bonds proposed to be issued and any refunding bonds, but excluding bonds refunded thereby), divided by the average annual net revenues and funds reasonably anticipated to be available for the payment of said indebtedness during the term of bonds outstanding and proposed to be issued under this paragraph. Net revenues and funds reasonably anticipated to be available for payment of such indebtedness shall mean the open space fund (or similar fund) balance at the end of the prior fiscal year, plus for each year thereafter during such term the earmarked and committed sales and use tax revenues less expenses anticipated to be paid therefrom (such sales and use tax revenues and expenses) to be based upon those in the prior fiscal year, and adjusted to reflect the actual tax rates then in effect for each such subsequent year. Indebtedness incurred and bonds issued pursuant to this paragraph may be additionally secured by a pledge of the full faith and credit of the city. (Amended by Ord. No. 3743 (1971), § 1, adopted by electorate on November 2, 1971. Further amended by Ord. No. 5820 (1996), § 2, adopted by electorate on November 5, 1996. Further amended by Ord. No. 7801 (2011), § 2, adopted by electorate on November 1, 2011.)
Sec. 97A. Urban renewal financing.
Anything contained in this charter to the contrary notwithstanding, the council shall be authorized, for the purpose of cooperating with or assisting an urban renewal authority created and existing within the city, and without approval by vote of the registered electors of the city, to grant, loan, or pledge to such authority all or any portion of incremental ad valorem property tax proceeds or incremental sales and use tax proceeds or both levied and collected for the benefit of the city within an urban renewal area as to which an urban renewal plan has been adopted by the city council and to create and incur indebtedness and issue bonds, both indebtedness and bonds to be payable solely from such incremental ad valorem property tax proceeds or incremental sales and use tax proceeds or both. As used in this paragraph, the term "incremental ad valorem property tax proceeds" shall mean that portion of such taxes produced by the levy at the rate fixed each year by the council upon that portion of the valuation for assessment of taxable property within an urban renewal area which is in excess of the valuation for assessment of such taxable property last certified prior to the effective date of the ordinance of the council authorizing such loan, grant, pledge, incurrence of indebtedness, or issuance of bonds or, as to an area later added to an urban renewal area, the effective date of the ordinance of the council including such area within the urban renewal area. As used in this paragraph the term "incremental sales and use tax proceeds" shall mean that portion of the proceeds of the city sales and use tax collected within an urban renewal area, if any, in excess of the amount of such proceeds collected within such area for the city's fiscal year next preceding the effective date of the ordinance of the council authorizing such grant, loan, pledge, incurrence of indebtedness, or issuance of bonds or, as to an area later added to the urban renewal area, the effective date of the ordinance of the council including such area within the urban renewal area. Anything contained in this charter to the contrary notwithstanding, bonds or other evidences of indebtedness issued, or any grant, loan, or pledge by the city pursuant to the provisions of this paragraph of incremental ad valorem property tax proceeds or incremental sales and use tax proceeds or both shall not be included in determining the outstanding indebtedness of the city for purposes of limitations imposed by the charter on the creation of indebtedness. In addition, such bonds or other evidences of indebtedness may be sold at public or private sale as determined by the council. This Section 97A and the powers granted to the council herein shall not be limited by any other section of the charter, including without limitation the provisions of the last paragraph of Section 97 hereof. (Added by Ord. No. 4420 (1979), § 1, adopted by electorate on June 12, 1979.) Further amended by Ord. No. 7801 (2011), § 2, adopted by electorate on November 1, 2011.)
Sec. 98. Term of bonds–disposal of bonds.
The term of any bond issues and the rate of interest shall be fixed by the ordinance submitting the question to the registered electors of the city. When issued, bonds shall be sold to the highest responsible bidder, but in no case for less than par, and in all cases to the best advantage of the city. (Amended by Ord. No. 7801 (2011), § 2, adopted by electorate on November 1, 2011.)
The provisions of the laws of the State of Colorado relating to refunding bonds are made and declared to be in full force and effect in the city until the council shall otherwise by ordinance provide.
Sec. 100. Water and sewer revenues.
Revenues derived from the operation of the water and sewer systems shall be used exclusively for the maintenance, operation, and extension of either or both of such systems and for interest on and discharging of principal of debt and other obligations incurred in the acquirement, construction, and improvement of either or both of such systems. (Amended by Ord. No. 1907 (1955), § 1, adopted by electorate on November 8, 1955.)
No demand for money against the city shall be approved, allowed, audited, or paid unless it shall be in writing, dated, and sufficiently itemized to identify the expenditure and shall first be audited by the director of the department creating the same. The chief financial officer may require an affidavit in support of any claim submitted, and the council may by ordinance require that all claims be sworn to. All warrants drawn upon the city treasury shall be signed by the city manager and countersigned by the chief financial officer, stating the particular fund or appropriation to which the same is chargeable and the person to whom payable. (Amended by Ord. No. 7799 (2011), § 2, adopted by electorate on November 1, 2011.)
Sec. 102. Transfer of balances.
At any time after the passage of the annual appropriation ordinance and after at least one week's public notice, the council may transfer unused balances appropriated for one purpose to another purpose and may by ordinance appropriate available revenues not included in the annual budget. This provision shall not apply to the water, park, and library funds.
Sec. 103. No liability without appropriations.
No liability shall be incurred by any officer or employee of the city, except in accordance with the provisions of the annual appropriation ordinance or under continuing contracts and loans authorized under the provisions of this charter. Neither the council nor any officer or employee of the city shall have authority to make any contract involving the expenditure of public money or impose upon the city any liability to pay money, unless and until a definite amount of money shall have been appropriated for the liquidation of all pecuniary liability of the city under or in consequence of such contract that will mature during the period covered by the appropriation. Such contract shall be ab initio null and void as to the city for any other or further liability; provided, first, that nothing herein contained shall prevent the council from providing for payment of any expense, the necessity of which is caused by any casualty, accident, or unforeseen contingency arising after the passage of the annual appropriation ordinance; and second, that the provisions of this section shall not apply to or limit the authority conferred in relation to bonded indebtedness nor for moneys to be collected by special assessments for local improvements.
Sec. 104. Duties of purchasing agent.
As purchasing agent, the chief financial officer shall procure all supplies ordered by the city manager in such manner as the latter may direct; shall also procure supplies for the city manager or for any department or advisory commission upon requisition therefor; such requisition shall be in writing, shall state the quality, quantity, and kind of material required, whether urgency demands that the order be made by wire, whether the supplies should come by express or otherwise, and the probable cost thereof, in detail, if known. Such requisition shall have the endorsement of the city manager. Whenever the purchasing agent considers it practical and advantageous, the purchasing agent shall advertise for competitive proposals for any supplies in a public newspaper, or by circular letters, or other means, sent to several competitive dealers.
When competitive bids are called for, the same shall be sealed and opened by the purchasing agent at a specified time in the presence of the city manager and the director of the department or chair of the commission for which the supplies are required. All bidders shall be invited to be present at the opening of the bids and may inspect the same. All bids, proposals, advertisements, circulars, and correspondence relating to the purchase of supplies, with samples submitted, if any, shall be preserved for three years as matters of public record. The right to reject any and all bids shall be reserved. (Amended by Ord. No. 7799 (2011), § 2, adopted by electorate on November 1, 2011.)*
Upon the death, resignation, removal, or expiration of the term of any officer of the city, other than the chief financial officer, the said chief financial officer shall make an audit and investigation of the accounts of such officer and shall report to the city manager and council.
As soon as practicable after the close of each fiscal year, an annual audit shall be made of all the accounts of all city officers and commissions; and upon the death, resignation, removal, or expiration of the term of the chief financial officer, an audit shall be made of chief financial officer’s accounts. Such audits shall be made by qualified public accountants, selected by the council, who have no personal interest, direct or indirect, in the financial affairs of the city or any of its officers or employees. The council may at any time provide for an examination or audit of the accounts of any officer or department of the city government.
Whenever the council questions the accounts of the city manager or any portion of the administrative service under the manager’s control, the manager shall have full power, at the city’s expense, to select and employ a competent accountant, who has no interest, directly or indirectly, in the affairs of the city or of its officers or employees, to check and audit the accounts in question. (Amended by Ord. No. 7799 (2011), § 2, adopted by electorate on November 1, 2011.)*
* Indicates those sections in which reference to gender were neutralized by Ord. No. 4602, November 3, 1981.
14 Section 96 (Special appropriations for 1918) was repealed by Ord. No. 5575 (1993), § 1, adopted by electorate on November 2, 1993. The current Section 96 was enacted by Ord. No. 5818 (1996) §2, adopted by electorate on November 5, 1996.