(A) The city is hereby authorized to appropriate annually the amounts as are required in addition to employee contributions, to maintain its amended retirement system on a sound actuarial basis in accordance with the respective biannual actuarial valuation.
(B) Any appropriation so made to maintain the amended retirement system shall be for deferred wages or salaries and for the payment of necessary expenses of operation and administration, and shall be paid into the State Municipal Retirement fund when available, through the City Treasurer, to be by him or her duly transferred to the fund.
(`90 Code, § 1-64)