(a)   The mayor shall establish the form and organization of procedures for preparation and adoption of the annual budget, the capital improvement budget, and other budget instru-ments and plans for future fiscal periods as the mayor deems appropriate and which shall conform to all city ordinances concerning budgets and fiscal matters. Such procedures shall require that all budgets include all proposed expenditures according to general objects of expenditure and the proposed use and all anticipated revenue.
   (b)   On or before the last day of March of each year, the mayor shall submit to the board of aldermen a budget for the ensuing fiscal year and an accompanying message.
   (c)   The mayor's budget message shall explain the budget in fiscal terms and as an outline of city programs contained and affected. It shall outline the proposed financial policies of the city for the ensuing fiscal year, describe the important features of the budget, indicate any major changes from the current year in financial policies, expenditures and revenues together with the reasons for such changes, summarize the city's debt position and include such other material as the mayor deems desirable.
   (d)   The budget as presented shall begin with a clear general summary of its contents; shall show in detail all estimated income, indicating the estimated property tax levy, and all proposed expenditures, including debt service, for the ensuing fiscal year; and shall be arranged to show comparative figures for actual and estimated income and expenditures of the current fiscal year and actual income and expenditures of the preceding two (2) fiscal years. It shall indicate in separate sections:
      (1)   Proposed goals and objectives and expenditures for current operations during the ensuing fiscal year, detailed for each fund by organization unit and program, purpose or activity, and the method of financing such expenditures;
      (2)   Proposed capital expenditures for at least the ensuing two (2) fiscal years; detailed for each fund by organization unit when practicable, and the proposed method of financing each such capital expenditure; and
      (3)   The anticipated income and expense and profit and loss for the ensuing year for each utility or other enterprise fund operated by the city.
For any fund, the total of proposed expendi-tures shall not exceed the total of estimated income plus the fund balance carried forward, exclusive of reserves.