166.241  Fiscal years, financial reports, appropriations, and budgets.--

(1)  Each municipality shall report its finances annually as provided by general law.

(2)  Each municipality shall make provision for establishing a fiscal year beginning October 1 of each year and ending September 30 of the following year.

(3)  The governing body of each municipality shall adopt a budget each fiscal year. The budget must be adopted by ordinance unless otherwise specified in the respective municipality's charter. The amount available from taxation and other sources, including amounts carried over from prior fiscal years, must equal the total appropriations for expenditures and reserves. The budget must regulate expenditures of the municipality, and it is unlawful for any officer of a municipal government to expend or contract for expenditures in any fiscal year except in pursuance of budgeted appropriations.