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TAXATION AND FINANCES Section 7.01. Council to control finances. The council shall have full authority over the financial affairs of the city. It shall provide for the collection and protection 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 assessment of property and the collection of the taxes. Section 7.04. Preparation of budget. The manager must prepare an annual budget and submit it to the council in accordance with a budget calendar. The budget must include the general fund but may include other funds at the discretion of the city council. The estimated revenues and expenditures for each fund must be shown for each department of the city. The city manager must submit with the budget explanatory statements deemed necessary. The budget must show comparative figures for the current fiscal year, actual and estimated, and actual figures for the preceding year. The budget shall show the income and expenditures classified in accordance with generally accepted accounting principles. Consistent with these provisions, the budget shall contain such information and be in the form prescribed by ordinance and by law.