Without limiting the powers and responsibilities vested in the city council, the council shall:

(1) Annually adopt a budget;

(2) Authorize the issuance of bonds by a bond ordinance, subject to such restrictions and limitations as may be prescribed by law;

(3) Enact ordinances of every nature and kind not prohibited by the law and Constitution of South Carolina or of the United States;

(4) Provide for an independent annual audit of the financial records and business affairs of the municipality;

(5) Provide for the general health and welfare of the municipality in accordance with the law of the state with reference to the general police powers granted to municipalities. (Prior code § 1-2-6)