On or before the second city council meeting in November in each year, the director of finance shall prepare an estimate of the expense of conducting the affairs of the city for the following fiscal year. This estimate shall be compiled from detailed information obtained from the various departments and shall set forth at a minimum:
   (a)   an itemized estimate of the expense of operating each department;
   (b)   comparisons of proposed current estimates with the corresponding items of expenditures for the last two completed fiscal years and with an estimate of expenditures necessary to complete the current fiscal year;
   (c)   reasons for proposed increases or decreases in expenditures compared with the current fiscal year;
   (d)   a schedule for each department listing required operations of the department for the next fiscal year and any additional activities desired to be undertaken;
   (e)   compensation increases as either additional pay to current employees, or for additional employees;
   (f)   an itemization of all anticipated revenue from taxes and other sources;
   (g)   the amounts required to pay interest on the city's debt, and for bond retirement funds as required by law;
   (h)   the total amount of the outstanding city debt with a schedule of maturities of bond issues and any other long-term financial obligations of the city; and
   (i)   any other information as may be required by council.
   Upon receipt of the estimate, council shall begin the appropriations process. Council shall hold public hearings upon any proposed appropriation legislation before a committee or the entirety of council. After the public hearings, council, taking the estimate into consideration, shall by tem-porary or permanent appropriation legislation provide for the funding of the city as provided by general law or except as general law may be limited by council.