The board of trustees shall pass a resolution within the last quarter of each fiscal year, to be termed the annual appropriation resolution, for the next fiscal year. In such resolution, the board shall appropriate such sums of money as are necessary to cover the items in its budget and to defray all necessary expenses and liabilities of the town specifying the objects and purposes for which such appropriations are made and the amount appropriated for each object or purpose. The total amount appropriated shall not exceed the probable amount of revenue that will be collected during the fiscal year. (1997 Code § 3.04.040; amd. 2016 Code)