Be it further enacted, That an annual budget for each utility shall be submitted to the city manager at such time and in such form as the council may require and shall be subject to review by the city manager, who shall transmit it, together with his suggestions and recommendations, to the council for final approval. A separate fund and budget shall be established for each utility, and appropriations therefor shall be made by the council by ordinance in the same manner as for other departments and agencies of the city. Transfers from the general fund of the city to a utility fund, when necessary, may be made as authorized by ordinance, and transfers from a utility fund to the general fund may be made by ordinance, subject to such limitations as may be imposed by law or contract. Each utility shall operate within allotments of appropriated funds made on the request and recommendation of the superintendent in charge of the utility.