Be it further enacted, that it shall be the duty of the Finance Director, in each year, as soon as the assessment roll for the city is complete, to submit to the City Manager a certified statement of the total amount of the valuation or assessment of the taxable property for the year within the city limits, including the assessment of all railroad, telephone, telegraph, and other public utility properties, together with a certified statement of the revenue derived by the city from privilege taxes, and all other source of revenue for the preceding fiscal year. Upon the presentation of such statements by the city manager, the City Council shall proceed by ordinance to make the proper levy to meet the expense of the city for the current fiscal year. (As amended by Priv. Acts 1972, ch. 416, sec. 8, Priv. Acts 1995, ch. 55, secs. 2 and 5, and Priv. Acts 2014, ch. 55, sec. 1)