The fixed year of the City shall begin the first day of January. On or before the fifteenth day of November in each year the Mayor, the Director of Law and the Director of Finance and Public Record shall prepare an estimate of the expense of conducting the affairs of the City for the following year, save and except however that on or before the first Tuesday in January, 1916, the Mayor, Director of Law, and Director of Finance and Public Record shall prepare an estimate of the expenses of conducting the affairs of the City for the year 1916, as is hereinafter provided, which shall at once prepare an appropriation ordinance, and pass the same on or before the first Tuesday in January, 1916. This estimate shall be compiled from detailed information obtained from the various departments on uniform blanks prepared by the Director of Finance and Public Record, and shall set forth:
(a) An itemized estimate of the expense of conducting each department;
(b) Comparisons of such estimates with the corresponding items of expenditure for the last two complete fiscal years and with the expenditures of the current fiscal year plus an estimate of expenditures necessary to complete the current fiscal year;
(c) Reasons for proposed increases or decreases in such items of expenditure compared with the current fiscal year;
(d) A separate schedule for each department showing the things necessary for the department to do during the year and which of any desirable things it ought to do if possible;
(e) Items of payroll increases as either additional pay to present employees, or pay for more employees;
(f) An itemization of all anticipated revenue from sources other than the tax levy;
(g) The amounts required for interest on the City's debt, and for sinking funds as required by law;
(h) The total amount of the outstanding City debt with a schedule of maturities of bond issues;
(i) A statement from the Director of Finance and Public Record of the total probable income of the City from taxes for the period covered by the Mayor's estimate;
(j) Such other information as may be required by the Council.