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On or before the 1st day of December in each year the Village Manager shall prepare and submit to Council an appropriation ordinance, containing a financial plan for conducting the affairs of the Village for the ensuing year. Council shall by ordinance specify the form of and the information to be included in the appropriation ordinance. Council shall not act upon such ordinance prior to its regular December meeting. Council may provide for a public hearing upon such ordinance; and may amend such ordinance in accordance with its judgment and discretion. The appropriation ordinance may be passed upon a single reading and shall become effective forthwith on its adoption.