The Board of Education shall submit its budget to the Mayor at the same time as other Departments of the Town. If the Board receives an appropriation greater or less than its original request, it shall forthwith revise its estimates of expenditure in accordance therewith and file a copy thereof with the Mayor and with the Council. The Board shall report monthly to the Mayor and to the Council a comparison of actual and estimated expenditures. The Director of Finance shall keep a full and complete record of all financial transactions of the Board of Education.