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TAXATION AND FINANCES Section 7.01 _ Council to control finances. The council shall have full authority over the financial affairs af the city. It shall provide for the collectian and protec#ion of all revenues and other assets and the auditing and Settlement of accounts. Section 7.02. Fiscal year. The fiscal year of the city shall be the calendar year. Section 7.03. System of taxation. Subject to the state constitution and except as forbidden by it or law the council may provide by ordinance for a system of local taxation. In the taxation of real and personal property under a system of local taxation the council must conform as nearly as possible to law in the assessrnent of property and the collection of the taxes. Section 7.04. Preparation of budget. The manager must prepare an annual bndget and submit it to the council in accordance with a budget calendar. The b�tdget must include the general fund but may include ather funds at the discre#ion of the cify council. The estirr�ated revenues and expenditures fot each fund must be shown for eac� department of the city. T`he city manager must submit with the budget explanatory statements deemed necessary. The budget must show comparative figltres for the current fiscal year, actual and estimated, and actual figures far the preceding year. T�e budget shail show the income and expenditures classified in accordance with generally accepted accounting principles. Cozzsistent with fihese provisions, the budget shall contain such information and be in the form prescribed by ordinance and by law.