(A) The City Clerk shall, on or before May 15 in each year and before the annual appropriations to be made by the City Council, submit to the City Council a report of his or her estimates as nearly as may be of monies necessary to defray the expenses of the corporation during the current fiscal year. In the report, he or she shall classify the different objects and branches of expenditures, giving as nearly as may be the amount required for each; and for the purpose of making such a report, he or she is hereby authorized to require of all officers their statement of the condition and expenses of their respective offices or departments, with any proposed improvements, and the probable expense thereof, all contracts made and unfinished, and the amount of any and all unexpended appropriations of the preceding year.
(B) He or she shall in such report, show the aggregate income of the preceding fiscal year from all sources, the amount of liabilities outstanding upon which interest is to be paid, the bonds and debts payable during the year, when due, and when payable, and in such report, he or she shall give such other information to the City Council as he or she may deem necessary to the end that the City Council may fully understand the money exigencies and demands upon the corporation for the current year.
(65 ILCS 5/3.1-35-115) (1999 Code, § 1-2-70)