Fiscal year.

(a) The fiscal year of the city government shall begin on the first day of July and shall end on the last day of June of each calendar year. Such fiscal year shall also constitute the budget and accounting year. As used in this part, the term budget year shall mean the fiscal year for which any particular budget is adopted and in which it is administered.

(b) Notwithstanding any provision in this section, the council may enact an ordinance declaring that the city adopts a fiscal year that begins on the first day of October and ends on the last day of September of the following calendar year. The ordinance shall become effective on the first day after the expiration of any fiscal year ending June 30 in which the ordinance is adopted. The ordinance shall provide that in order to change from a July 1 to June 30 fiscal year to an October 1 to September 30 fiscal year, the city, on a one-time basis, shall utilize a transitional financial reporting period that extends, at the council's election, for a three-month period beginning on July 1 and ending on September 30 of that same calendar year, or for a 15-month period beginning on July 1 and ending on September 30 of the following calendar year.

(Acts 1955, No. 452, p. 1004, §5.01; Acts 1973, No. 792, p. 1206, §1; Act 2013-376, p. 1378, §2.)