On or before the first day of June in each year the City Manager shall submit to Council a tax budget for the ensuing fiscal year. For that purpose, at such date as he shall determine, he shall obtain from the head of each department or agency of the City, plans for the work to be undertaken by such agency during the next fiscal year, together with estimates of the cost of performing such work. The Department of Finance shall supply him with estimates of available revenue. From these data, the City Manager shall prepare the consolidated estimates for the annual tax budget. Council shall consider these estimates and adopt them, with or without amendments, as the tax budget of the City for the ensuing year, and transmit them, on or before the 15th day of July to the County Budget Commission, in the form required by law.

At least two copies of the tax budget estimates shall be placed on file in the office of the Director of Finance for public inspection. Council shall hold at least one public hearing on the tax budget, of which notice shall be given by publication not less than ten days prior to the hearing.

Upon receipt of advice of action by the County Budget Commission and the Certificate of the County Auditor as to estimated resources, Council shall pass and certify to the County Auditor an ordinance levying the necessary taxes to be placed upon the tax duplicate.

The City Manager shall prepare and submit to Council each year a budget so revised that the total contemplated work program and expenditures from each fund during the ensuing fiscal year shall not exceed the total recommended appropriations from each fund and the total estimated resources certified by the County Budget Commission and the County Auditor. This revised budget shall serve as the basis for the annual appropriation ordinance.

At the meeting of Council at which the revised budget estimates for the appropriation ordinance are submitted, Council shall adopt the estimates as submitted, or as amended, as the appropriation ordinance of the City for the ensuing fiscal year.

Upon adoption, the appropriation ordinance shall become effective as of the first day of January and shall constitute an appropriation of the several items and approval of the work projects without further legislation.