(a) Taxes on real and personal property shall be paid in four equal payments, with one-fourth of the annual tax bill for each taxpayer due and payable on August 15, November 15, February 15, and May 15 of each year to the City Treasurer, unless otherwise changed by the City Council.

(b) At the close of the fiscal year, any unexpended funds remaining from the City budget may be retained if approved by vote of the City Council, as an undesignated fund balance for future use. Any funds retained pursuant to this provision shall be limited to an amount not greater than five percent of the City budget. Any amount remaining in excess of five percent in the City budget must be used in the subsequent budget to cut the tax rate. (Amended 2013, No. M-5, § 2, eff. May 13, 2013.)