Sec. 10. (a) The governing board and the board’s officers may not contract any obligation or pay out any money in excess of an annual budget and appropriations made for those purposes by the fiscal body of the city, as provided by statute.

     (b) The board shall, before the time for the fixing of the city budget, annually present to the city fiscal body a detailed report of the receipts and expenditures of each hospital for the current year and a detailed estimate of the money needed for the next fiscal year. This must be done in the manner prescribed by statute or in the manner prescribed by the city fiscal body if a manner is not prescribed by statute.

Terms Used In Indiana Code 16-23-2-10

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Statute: A law passed by a legislature.
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (c) This section does not apply to funds from donations and bequests, which shall be administered in accordance with section 11 of this chapter.

[Pre-1993 Recodification Citation: 16-12.2-8-4.]

As added by P.L.2-1993, SEC.6.

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