The fiscal year of the Borough shall begin on the first day of January and end on the last day of December of each year.
On or before the first day of December of each year, the Borough Manager shall submit to the Borough Council a proposed budget for the ensuing fiscal year and an accompanying message.
The Borough Manager's accompanying budget message shall explain the budget both in fiscal terms and in terms of programs. It shall outline the proposed financial policies of the Borough for the ensuing fiscal year; describe the important features of the budget; indicate any major changes from the current year in financial policies, expenditures and revenues, together with the reasons for such changes; summarize the Borough's debt position; and include such other material as the Borough Manager deems desirable or as the Borough Council requests.
A. 
The budget shall provide a complete financial plan of all Borough funds and activities for the ensuing fiscal year and, except as required by this chapter, shall be in such form as the Borough Manager deems desirable or the Borough Council may require. In organizing the budget, the Borough Manager shall utilize the most feasible combination of expenditure classification by fund, organization, unit, program, purpose or activity and object. The budget shall contain the following:
(1) 
It shall begin with a general summary of its contents.
(2) 
It shall show in detail all estimated income indicating the existing and proposed tax levies, as well as other assessments, fees and charges.
(3) 
It shall show all proposed expenditures, including debt service, for the ensuing fiscal year.
(4) 
It shall show the number of proposed employees and the annual salary schedule in every job classification.
(5) 
It shall be so arranged as to show comparative figures for actual and estimated income, expenditures for the current fiscal year and actual income and expenditures of the preceding fiscal year.
(6) 
It shall indicate proposed expenditures during the ensuing fiscal year detailed by offices, departments and agencies in terms of their respective work programs, and the methods of financing such expenditures.
(7) 
It shall indicate proposed capital expenditures during the ensuing year, detailed by offices, departments and agencies when practicable, and the proposed method of financing each such capital expenditure.
B. 
The total of proposed expenditures shall not exceed the total of estimated income.
The budget shall be adopted and may be amended from time to time in accordance with the following provisions:
A. 
Preparation of budget. Beginning at least 30 days prior to adoption, the budget for the ensuing year shall be prepared. The proposed budget shall be kept on file with the Borough Secretary and by him be made available for public inspection for a period of 10 days.
B. 
Notice of proposed budget. Notice that the proposed budget is available for inspection shall be published by the Borough Secretary in a newspaper of general circulation in the Borough.
C. 
Revision and completion of budget. After the expiration of the said 10 days, Council shall make such revision in the budget as shall be deemed advisable. Expenditures of a legislative character shall be made, authorized or ratified by ordinance. Other expenditures allowed by law may be made or ratified by motion in Council. Such expenditures, whether by ordinance or motion, shall then be considered as appropriations affecting the budget. Any balance of revenues over expenditures may be expended in any subsequent year for any lawful purpose.
D. 
Adoption of budget. Upon completion of the budget and its adoption by motion in Council, which shall not be later than December 31, it shall be the duty of the Council to adopt an ordinance levying the taxes for the fiscal year for approval of the Mayor or passage over his veto. A copy of the budget, together with the Tax Ordinance, shall be filed with the Department of Community Affairs by the Secretary of the Borough, within 15 days after the adoption of the Tax Ordinance.
E. 
Amending budget. During the month of January next following any municipal election, the Council of the Borough may amend the budget and tax rate to conform with its amended budget. A period of 10 days public inspection at the office of the Borough Secretary of the proposed amended budget after notice by the Borough Secretary to that effect is published once in a newspaper as provided by law shall intervene between the proposed amended budget and the adoption thereof. Any amended budget must be adopted by Council on or before the fifteenth day of February. Within 15 days after the adoption of an amended budget, the Borough Secretary shall file a copy thereof in the office of the Department of Community Affairs.
F. 
Modification of budget. In any year, the Council in its reasonable discretion may, by motion, modify the budget after its final adoption. New appropriations, supplementary appropriations and transfers from one appropriation to another may be made during the fiscal year, either before or after the expenditure is authorized or ratified after the expenditure is made, provided that it is within the current year's revenues or the money therefor is promptly made available through borrowing as allowed by law.
G. 
Revenue sharing provisions. The following procedure applies for the general revenue sharing portion of the budget:
(1) 
Proposed use hearing. The Borough Manager shall hold a hearing at least seven days prior to presenting the budget to Borough Council. At such hearing, the public may present oral and/or written comments on the possible uses for revenue sharing funds. At least 10 days prior to such proposed use hearing, a public notice shall be advertised in a newspaper of general circulation in the Borough according to law stating the date, time and place of the hearing and the amount of revenue sharing funds to be budgeted.
(2) 
Introduction of budget. The Borough Manager shall, after the expiration of seven calendar days following the proposed use hearing, introduce the budget to Borough Council.
(3) 
Budget hearing and notice. At least 10 days prior to adoption of the budget by Borough Council, a public notice shall be advertised in a newspaper of general circulation in the Borough according to law stating the time and place of the budget hearing, the place the proposed budget may be inspected, a summary of the budget by major category and the amount of revenue sharing funds, if any, that will be a part of the total for each category.
(4) 
Post adoption budget summary. Within 30 days of final adoption of the budget, a public notice shall be advertised in a newspaper of general circulation in the Borough according to law stating that a summary of the budget is available for inspection.