The fiscal year of the City shall begin on the first day of January. On or before the fifteenth day of November in each year the Mayor shall prepare an estimate of the expense of conducting the affairs of the City for the following year and shall submit the estimate to Council no later than February 1 of the following year. This estimate shall be compiled from detailed information obtained from the various departments on uniform blanks prepared by the Director of Finance, and shall set forth:
(a) An itemized estimate of the expense of conducting each department.
(b) Comparisons of the estimates with the corresponding items of expenditure for the last two complete fiscal years and with the expenditures of the current fiscal year plus an estimate of expenditures necessary to complete the current fiscal year.
(c) Reasons for proposed increases or decreases in the items of expenditure compared with the current fiscal year.
(d) A separate schedule for each department showing the things necessary for the department to do during the year and which of any desirable things it ought to do if possible.
(e) Items of payroll increases as either additional pay to present employees, or pay for more employees.
(f) A statement from the Director of Finance of the total probable income of the City from taxes for the period covered by the Mayor’s estimate.
(g) An itemization of all anticipated revenue from sources other than the tax levy.
(h) The amounts required for interest on the City’s debt, for sinking funds and for maturing serial bonds.
(i) The total amount of outstanding City debt with a schedule of maturities of bond issues.
(j) Any other information that may be required by the Council.
The Mayor shall submit the estimate prepared as set forth in this section to the Council and shall make it available electronically on a City website and electronically or in print to citizens who may call for it. Copies of the estimate shall also be made available in print or electronically to the newspapers of the City, and to the public library and each of its branches.
(Effective November 5, 2019)