The Council shall designate one of the administrative officers of the City as Budget Officer. Each board, commission, officer, and department head shall submit an estimate of his financial requirements, with supporting explanation thereof, for the next fiscal year to the Budget Officer on or before March 1 in each year.
The Budget Officer shall prepare and submit to the Council, on or before the first regular meeting in April of each year, a budget document covering the next fiscal year, tabulating the recommendations of the several department heads, boards, commissions, and officials, and shall include therein at least the following information:
(1) Detailed estimates of all proposed expenditures for each department and office of the City, showing the expenditures for corresponding items for the current fiscal year to February 1 and for the last preceding fiscal year, with reasons for increases and decreases recommended, as compared with appropriations for the current year;
(2) Statements of the bonded and other indebtedness of the City, showing the debt redemption and interest requirements, the debt authorized and unissued, and the condition of sinking funds, if any;
(3) An inventory of supplies and materials on hand at the date of the preparation of the estimates, with the value thereof, except office supplies and other minor items;
(4) Detailed estimates of all anticipated revenues of the City from sources other than taxes and borrowing, with a comparative statement of the amounts received by the City from each of the same or similar sources for the last preceding fiscal year and for the current fiscal year, to February 1;
(5) A statement of the estimated balance or deficit for the end of the current fiscal year;
(6) An estimate of the amount of money to be raised from current and delinquent taxes and the amount to be raised from bond issues which, together with any available unappropriated surplus and any anticipated revenues from other sources, will be necessary to meet the proposed expenditures; and
(7) Such other supporting information as the Council may request.