The fiscal year of the City shall begin on the first day of January. On or before the fifteenth day of July of the current fiscal year, the Mayor, with the assistance of the Finance Director, shall prepare and submit to Council an estimate of the revenues and expenditures of all Departments for the ensuing year. Council may require additional fiscal information from the Mayor or the Finance Director.
The classification of the estimate of expenditures shall be uniform for the main functional divisions of all Departments and shall provide the following information:
1. An estimate of the anticipated revenue from each source during the next fiscal year, with comparative statements of the amount received from such source during the preceding year and the current year plus an estimate of such amounts for the remainder of the current year.
2. A detailed estimate of the expense of conducting each Department and activity of the City for the next fiscal year, together with comparative statements as provided in the preceding paragraph, with reasons for proposed increases or decreases as compared with the current fiscal year.
3. The amount of the total and net debt of the City together with a schedule of maturities of outstanding bonds and notes.
4. A statement of the unencumbered balance in each bond and improvement fund.