The fiscal year of the City shall begin on May 1 and end on the last day of April.
On or before March 1 of each year, the Mayor shall submit to the Council a budget for the ensuing fiscal year and an accompanying message.
The budget shall provide a complete financial plan of all City funds and activities for the ensuing fiscal year and, except as required by law or this Charter, shall be in such form as the Mayor deems desirable or the Council may require. The budget shall indicate in separate sections:
1. 
Proposed expenditures for current operations during the ensuing fiscal year and the method of financing such expenditures.
2. 
Proposed capital expenditures during the ensuing fiscal year and the proposed method of financing each such capital expenditure; and
3. 
Anticipated net surplus or deficit for the ensuing fiscal year of each utility owned or operated by the City and the proposed method of its disposition; subsidiary budgets for each such utility giving detailed income and expenditure information shall be attached as appendices to the budget.
The proposed expenditures shall not exceed the total of estimated income and reserves.
A. 
Notice and Hearing. The Council shall publish in one (1) or more newspapers of general circulation in the City a general summary of the budget and a notice stating:
1. 
The times and places where copies of the message and budget are available for inspection by the public, and
2. 
The time and place, not less than two (2) weeks after such publication, for a public hearing on the budget.
B. 
Amendment Before Adoption. After the public hearing, the Council may adopt the budget with or without amendment. In amending the budget, it may add or increase programs or amounts and may delete or decrease any programs or amounts, except expenditures required by law or for debt service or for estimated cash deficit, provided that no amendment to the budget shall increase the authorized expenditures to an amount greater than the total of estimated income and reserves.
C. 
Adoption. The Council shall adopt the budget on or before the last day of the last month of the fiscal year currently ending. If it fails to adopt the budget by this date, the amounts appropriated for current operation for the current fiscal year shall be deemed adopted for the ensuing fiscal year on a month-to-month basis, with all items in it prorated accordingly, until such time as the Council adopts a budget for the ensuing fiscal year. Adoption of the budget shall constitute appropriations of the amounts specified therein as expenditures from the funds indicated.
Copies of the budget as adopted shall be public records and shall be made available to the public at suitable places in the City.
After the budget is finally adopted, the Council shall by ordinance set the tax rates and levy on the various classes of property, and the levy so established shall be certified by the City Clerk to the appropriate official, who shall compute the taxes and extend them upon the tax rolls.