If assessment is made before the total costs of improvement are known and it is found that the amount assessed is insufficient to defray the expense of the improvement, the Council may, by motion, declare the deficit and prepare a proposed deficit assessment. The Council shall set a time for hearing of objections to the deficit assessment and shall direct the City Recorder to publish objections to the deficit assessment and shall direct the City Recorder to publish reasonable notice thereof in a newspaper of general circulation, printed and published in the city. The Council, upon this hearing, shall make a just and equitable deficit assessment by ordinance. The deficit assessment shall be consolidated with the assessment in the lien docket in accordance with the provisions of § 4.04.110. Thereafter, the provisions of §§ 4.04.120 and 4.04.130 shall be applicable with regard to the deficit assessment.