Council shall, within the first quarter of each fiscal year, pass an annual appropriation ordinance. In such ordinance Council:
(a) May appropriate such sums of money as are deemed necessary to defray all necessary expenses and liabilities of the City; and
(b) Shall specify the objects and purposes for which appropriations are made and the amount appropriated for each object or purpose. Except as otherwise provided, no further appropriations shall be made at any time within the fiscal year, unless a proposition to make each additional appropriation has first been sanctioned by a petition signed by electors of the City numbering more than fifty percent of the votes cast for the candidates for Mayor at the last preceding general Municipal election at which the Mayor was elected, or by a majority of those voting on the question at a general State or Municipal election duly called therefor.
(1942 Code Chap. XVI, Sec. 2)