The fiscal year of the City of Lexington shall commence the first day of May in each and every year.
A. 
The corporate authorities shall pass an ordinance within the first quarter of each fiscal year to be termed the "Annual Appropriation Ordinance."
B. 
In the Annual Appropriation Ordinance, the corporate authorities:
(1) 
May appropriate such sums of money as are deemed necessary to defray all necessary expenses and liabilities of the City of Lexington; and
(2) 
Shall specify the objects and purposes for which these appropriations are made and the amount appropriated to each object and purpose.
The City Council shall annually, on or before the third Tuesday of September in each year, estimate the total amount and appropriation for all corporate purposes legally made and to be collected from the tax levy of this fiscal year, and by ordinance specifying in detail the purposes for which such appropriations are made and the sum or amount appropriated for each purpose, respectively, levy them out as estimated, and equalized for state and county purposes for the current year. A certified copy of such ordinance shall be filed with the County Clerk, whose duty it shall be to ascertain the rate percentum upon the total value of the property subject to taxation in the City as the same was assessed and equalized for state and county purposes, and produce a net amount not less than the amount directed to be levied; and it shall be the duty of the County Clerk to estimate such a tax in a separate column upon the book or books of the collector or collectors of the state and county tax within such City; provided the aggregate amount of tax levied for the payment of the bonded indebtedness or the interest thereon shall not exceed the rate fixed by law upon the aggregate valuation of all the property within the City subject to taxation as the same was equalized for state and county taxes of the preceding year.