Not later than the second regular meeting in the month of May, the Council shall, by ordinance, adopt the budget for the next fiscal year, and shall, in such ordinance, make an appropriation for the money needed for municipal purposes during the ensuing fiscal year of the City, and provide for a levy of the amount necessary to be raised by taxes upon real and personal property for municipal purposes, which levy shall not exceed two percent (2%) of the assessed valuation of all real and personal property subject to taxation in the City, except as to any additional taxes authorized by the laws of this State, including excess of roll, a garbage tax, and any other authorized levies beyond charter limitations. Should the Council take no final action during or prior to said meeting, the budget as submitted shall be deemed to have been finally adopted by the Council.