Chapter IX Finance
Section I. Fiscal Year and Division of Accounts
The fiscal year of the ordinary local public body shall begin on the first day of April every year and end on the thirty-first day of March in the following year.
The expenses in each fiscal year shall be financed with the revenues of the current fiscal year.
The ordinary local public body shall have general and special accounts.
A special account may be established by bylaw in order to meet the need of accounting for specific revenues and expenditures aside from the general revenues and expenditures for the purpose of carrying on specific activities of the ordinary local public body or otherwise financing specific expenses with specific revenues.
Section II. Budget
(Integration into Budget)
All estimated revenues and expenditures within each fiscal year shall be integrated into the budget of revenues and expenditures.
The chief executive shall prepare a budget and secure the approval of the assembly prior to the beginning of each fiscal year. The chief executive shall make best efforts to submit the budget to the assembly at least thirty days (in case of To, Do, Fu or Ken or specified cities as referred to in paragraph 1 of Article 252-19) or twenty days (in case of other cities or towns or villages) prior to the beginning of each fiscal year.
The chief executive shall attach budgetary explanations as provided in cabinet order, to the budget.