§ 7.5. Adoption of Budget; Tax Limit.

Not later than the second Monday in June, the Council shall adopt the budget for the next fiscal year and shall provide by resolution for a levy of the amount necessary to be raised by taxation for municipal purposes. The City shall have power to assess taxes and levy and collect rents, tolls and excises. The annual general ad valorem tax levy shall not exceed twenty (20) mills of the assessed value of all real and personal property subject to taxation in the City, exclusive of any levies authorized by statute to be made beyond Charter limitation.