(a) Between March 7 and March 28, of each and every year, Council shall meet and ascertain the fiscal condition of the Town, and make an itemized statement setting forth:
(1) The amount due and the amount that will become due and collectible from every source during the ensuing fiscal year except from the levy of taxes to be made for the year;
(2) The interest, sinking fund and amortization requirements for the ensuing fiscal year of bonded indebtedness, legally incurred upon a vote of the people as provided by law;
(3) All other expenditures to be paid out of the receipts of the Town for the ensuing fiscal year with proper allowance for delinquent taxes, exonerations and contingencies;
(4) The total amount necessary to be raised by the levy of taxes for the ensuing fiscal year;
(5) The proposed rate of levy in cents on each one hundred dollars ($100.00) assessed valuation of each class of property;
(6) The separate and aggregate assessed valuations of real, personal and public utility property in each class in the Town.
(b) When the foregoing estimate and statement have been prepared, the session shall stand adjourned until the third Tuesday in April, at which time Council shall reconvene.
(1973 Code §2-18)