On or before the fifteenth day of February of each year, the Mayor shall submit to Council the budget for the next fiscal year. The Mayor shall also transmit to Council with said budget a written explanation thereof, and he shall also outline in such written explanation the proposed financial policies of the Village for the next fiscal year. In addition, within sixty days from the beginning of each fiscal year, the Mayor shall ascertain the true carry-over balance of accounts of the Village and shall submit to Council amendments to the Budget reflecting such true carry-over balance. In complying with the requirements of this section, the Mayor shall have the assistance and the full cooperation of the Village Recorder, the Director of Finance, and all other Village officials or employees who may be called upon for assistance or cooperation.