(1) FISCAL YEAR.
The City shall have a fiscal year which shall begin on October 1 of each year and end on September 30 of the succeeding year.
(2) BUDGET ADOPTION.
The Commission shall, by resolution, adopt a budget on or before the 30th day of September of each year. A resolution adopting the annual budget shall constitute appropriation of the amounts specified therein as expenditures from funds indicated.
(3) APPROPRIATION AMENDMENTS DURING THE FISCAL YEAR.
(a) Supplemental appropriations. If, during the fiscal year, revenues in excess of those estimated in the budget are available for appropriation, the Commission may, by resolution, make supplemental appropriations for the year in an amount not to exceed such excess.
(b) Reduction of appropriations. If, at any time during the fiscal year, it appears probable to the City Manager that the revenues available will be insufficient to meet the amount appropriated, he or she shall report same to the Commission without delay, indicating the estimated amount of the deficit, any remedial action taken, and recommendations as to any other steps that should be taken. The Commission shall then take such further action as it deems necessary to prevent or minimize any deficit and, for that purpose, the Commission may by resolution reduce one or more appropriations accordingly.
(c) Transfer of appropriations. At any time during the fiscal year, the City Manager may transfer all or part of any unencumbered appropriation balance within a department, office, or agency of the City to other programs within the same department, office, or agency. And, upon written request of the City Manager, the Commission may transfer part or all of any unencumbered appropriation balance from one department, office, or agency to another.
(d) Limitations; effective date. No appropriation for debt service may be reduced or transferred, no appropriation may be reduced below any amount required by law to be appropriated, and no appropriation may be reduced by more than the amount of the unencumbered balance thereof. Other provisions of law to the contrary notwithstanding, the supplemental and emergency appropriations and reduction or transfer of appropriations authorized by this section may be made effective immediately upon adoption.
(e) The Commission shall adopt a formal debt policy by ordinance. Such policy will require that general obligation debt or debt pledging property taxes (ad valorem revenue) will only be issued after an affirmative vote of the electors of the City. The Commission can authorize and issue revenue bonds pledging non ad valorem revenues, consistent with City debt policy.
Red text indicates new language as approved by Deltona voters at the General Election held on November 4, 2008 ( 5 of 8 proposed Charter amendments approved by the voters).