The budget shall show all expenditures proposed and shall be carefully itemized to make as clear a comparison as practicable between expenditures included in the proposed budget and actual expenditures for the same or similar purposes for the preceding year. The budget must also clearly show each of the various projects for which appropriations are made in the budget and the budgeted sums for each of such projects. The budget shall also contain a complete financial statement of the city showing all outstanding obligations of such city, the cash on hand to the credit of each and every fund, and funds expected to be received from all sources during the ensuing year, the estimated revenue available to cover the proposed budget, and the estimated rate of tax, if any, which will be required.