Before December 1 of each year, the City Manager shall submit an appropriation budget to Council presenting a financial plan for conducting the affairs of the Village for the ensuing calendar year. Council shall by ordinance specify the form of and the information to be included in the appropriation budget. Council, or such committee as Council may direct, shall hold a public hearing thereon. The appropriation budget, in its original form or as it may be amended following the public hearing, shall be considered by Council for approval prior to the end of the calendar year. Notwithstanding any other limitations in this Charter, the City Manager is authorized to execute and deliver all contracts for the Village necessary to accomplish the items identified in the appropriation budget after its adoption by Council, and Council may amend the appropriation budget at its discretion during the course of any calendar year.