The Council may transfer any part of an unencumbered balance of an appropriation of any fund allowed by law to any purpose or object for which the appropriation for the current year has proven insufficient, except that no transfer shall be of monies raised or appropriated for the payment of any bond or note of the Village until all indebtedness, interest and other obligations which must lawfully be paid from such monies has been paid.
At the close of each fiscal year the unencumbered balance of each appropriation, except appropriations of bond or note funds, shall revert to the fund from which it was appropriated, and shall be subject to future appropriation.