(A) The Council shall, by ordinance, adopt the budget on or before the thirtieth (30th) day of September of each year. If it fails to adopt the budget by this date, the Council, by resolution, may direct that the amounts appropriated for current operation for the current fiscal year shall be deemed adopted for the ensuing fiscal year for a period of thirty (30) days and renewed by resolution each thirty (30) days with all items in it prorated accordingly until such time as the Council adopts a budget for the ensuing fiscal year. An ordinance adopting an annual budget shall constitute appropriations of the amounts specified therein as expenditures from the funds indicated.
(B) Supplemental Appropriations. If, during the fiscal year, revenues in excess of those estimated in the budget are available for appropriation, the Council, by ordinance, may make supplemental appropriations for the year up to the amount of such excess.
(C) Reduction of Appropriations. If at any time during the fiscal year it appears probable to the Clerk that the revenues available will be insufficient to meet the amount appropriated, this shall be reported to the Council without delay, indicating the estimated amount of the deficit, any remedial action taken by him/her with recommendations as to any other steps to be taken. The Council shall then take such further action as it deems necessary to prevent or minimize any deficit and for that purpose it may, by ordinance, reduce one (1) or more appropriations.
(D) Limitations; Effective Date. No appropriation for debt service may be reduced or transferred, and no appropriation may be reduced below any amount required by law to be appropriated or by more than the amount of the unencumbered balance thereof. The supplemental and emergency appropriations and reduction or transfer of appropriations authorized by this section may be made effective immediately upon adoption.
(E) The Council, in accordance with general law, shall establish procedures, rules and regulations for formulation, hearings, public notice, amendments, revisions, adoption and administration of the budget.
(Ord. passed - - )