The commission shall be the legislative body of the city. It shall have powers vested in it by this chapter. These powers shall be as follows:
(1) To establish administrative departments.
(2) To adopt the budgets of the city.
(3) To authorize the issuance of bonds or warrants.
(4) To inquire into the conduct of any office, department, or agency of the city and make investigations as to municipal affairs.
(5) To appoint the members of all boards, commissions, or other bodies authorized hereunder or by law.
(6) To succeed to all the powers, rights, and privileges conferred upon the former governing body of the city by statutes in effect at the time of adoption by the city of the mayor/commission/city manager form of government and not in conflict with this chapter.
(7) To levy property taxes and impose and collect license taxes and local improvement assessments and enact any such new revenue or adjustments as elsewhere prescribed by law.
(8) To adopt each year a financial plan for at least the next succeeding five years showing anticipated revenues, anticipated expenditures and with all capital projects ranked by priority. Said financial plan shall be used as a financial planning guide by the city staff and city manager, but shall not be binding on the commission.
(9) To enact such resolutions, ordinances, and policies, as prescribed by this chapter or prescribed elsewhere in the Code of Alabama.
(10) To employ the city manager; to discharge the city manager; to enter into employment contract with the city manager.
(11) To hold public hearings as prescribed by law.
(12) To set the compensation of the mayor and commission in accordance with procedure in Sections 11-44E-43 and 11-44E-73.
(13) To adopt policies for the operation of the city.
(14) To adopt rules of procedure.