The President and the Board of Trustees shall, as soon as practicable after the commencement of each fiscal year, and within the first quarter thereof, pass an ordinance to be termed the annual appropriation ordinance, in which they shall appropriate such sums of money as may be deemed necessary to defray all necessary expenses and liabilities of the Village government during the fiscal year, and in such ordinance shall specify the different objects and purposes for which such appropriations are made, and the amount appropriated for each object or purpose, and no further appropriations shall be made at any time during the fiscal year, except as otherwise expressly provided by law. (1987 Code § 1-8-2)