In each year the Manager shall prepare and submit to the Council the tax budget for the ensuing fiscal year. Such tax budget shall include an estimate of expected revenues and required expenditures. Council shall by resolution determine the form of and the information to be contained in the tax budget. The tax budget may be amended by Council, shall on or before July 15 be approved by Council as presented or amended; and shall be the basis of any levy of taxes by Council. The Council shall hold a public hearing on the tax budget, and shall give notice by publication in the same manner as provided for resolutions herein at least ten (10) days prior to the hearing. Two (2) copies of the tax budget prepared by the Manager shall be available in the Manager's office for public inspection during the ten (10) days prior to the public hearing. Council shall submit a tax budget to the County Budget Commission on or before July 20.