On or before the first day of June in each year the Village Manager shall submit to the Council a tax budget for the ensuing fiscal year. For that purpose, at such time as he shall determine, he shall obtain from the head of each department or agency of the Village plans for the work to be undertaken by such department during the next fiscal year, together with estimates of the cost of performing such work. The Department of Finance shall supply him with estimates of available revenue. From these data, the city manager [i.e., the Village Manager] shall prepare the consolidated estimates for the annual tax budget. The Council shall consider these estimates and adopt them, with or without amendments, as the tax budget of the Village for the ensuing year, and transmit them, on or before the 15th day of July, to the County Budget Commission in the form required by law.