Proposition 12

Highlights: Clarifies City's fiscal year; Conforms notice requirement to State law; Allows for flexibility in reference to funds disbursement.

Amended Text
Amending the Charter of the City of El Paso Section 7.1, Fiscal Year; Section 7.3, Subsection B, Budget Procedures; Section 7.7, Depositories; Section 7.20, Disbursement of City Funds; and Section 7.22, Publishing of Financial Position of the City; to read as follows:

Section 7.1 FISCAL YEAR.
The fiscal year and the budget year of the City shall begin on September 1st and end on the succeeding August 31st, or as otherwise provided by state law or city ordinance adopted pursuant thereto.

Section 7.3, Subsection B BUDGET PROCEDURES.
B. Public Hearing. After its presentation to the Council, at least one public hearing on the budget shall be held prior to its adoption; and notice of that public hearing shall be published in accordance with state law. The proposed budget shall be made available for examination at the office of the City Clerk at least fifteen days prior to the public hearing.

Section 7.7 DEPOSITORIES.
All monies received by any person, in connection with the business of the City, shall be deposited promptly in a City depository and, whenever possible, within one business day after its receipt. All City bank accounts shall be carried in the name of the City, with such additional designations as are required to distinguish accounts for special purposes.
The Council may, from time to time, authorize transfer from a depository for the purpose of purchasing direct interest-bearing obligations of the United States government, or may authorize withdrawal for investment otherwise in any other manner permitted by the laws of Texas, provided the purchase or investment shall not deny the City the use of such funds when required.

Section 7.20 DISBURSEMENT OF CITY FUNDS.
All disbursement of City funds shall be by check, electronic means, or as authorized by City ordinance.

Section 7.22 PUBLISHING OF FINANCIAL POSITION OF THE CITY.
Within 120 days after the close of each fiscal year, the City shall publish in any contemporary means of information sharing including but not limited to publication in a newspaper of general circulation in the City or placement on the City's web site in the manner designated by the Council, a financial statement of the City prepared with generally accepted accounting principles for municipalities. This will be limited to balance sheets, statement of revenue and expenditures and changes in fund equities.

Proposition Question
Ballot Proposition No. 12

FOR ( )

Shall Sections 7.1, 7.3 B, 7.7, 7.20, and 7.22 of the City Charter be amended, relating to the fiscal management and operations of the City; to set the fiscal year to begin on September 1st and end on the succeeding August 31st or as otherwise provided by law; to provide that publication of the notice of the public hearing on the budget be done in accordance with state law and to permit the publication of the annual financial position of the City be done as established by ordinance; to eliminate the requirement that a depository bank be designated every two years; and to allow the disbursement of City funds by check, electronic means or as authorized by City ordinance?

AGAINST ( )