(A) At a regular meeting, held not later than the second Monday in June of each year, the Council shall, by resolution, adopt a budget for the ensuing fiscal year and make an appropriation of the money needed therefor. Such resolution shall designate the sum to be raised by taxation for the general purposes of the city and for the payment of principal and interest on its indebtedness. Failure to adopt such resolution within the time herein set shall not invalidate either the budget or the tax levy therefor. Should the Council fail to adopt a budget by the thirtieth day of June in any year, the budget proposal of the City Manager shall constitute a de facto budget for the city, until such time as the Council shall adopt a budget and an appropriation for all expenditures thereunder shall exist as though made by the Council.
(B) A copy of the appropriations for each fiscal year, certified by the Clerk, shall be furnished to the City Manager and the Assessor within ten days after the date of the adoption of the budget resolution.