Arizona Laws 42-17110. Budget of a newly incorporated city or town
A. Notwithstanding any other provision of this article, a city or town that is incorporated after the third Monday in July or before June 30 in any fiscal year may adopt an interim budget by ordinance for the remainder of the fiscal year in which the city or town was incorporated.
Terms Used In Arizona Laws 42-17110
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
B. The city or town shall hold hearings on the proposed budget as prescribed by this article.
C. The city or town may issue warrants pursuant to sections 9-247 through 9-250 to pay necessary expenses, which shall be redeemed when monies become available in the next fiscal year.
D. The interim budget is not a base for computing allowable increases in the budget for the succeeding full fiscal year. The budget for the succeeding full fiscal year may be made as if no interim budget had been adopted.