Upon receipt of the consolidated town and school committee budget from the town administrator, the town council shall give to said budget two preliminary readings. Coincident with such consideration it shall set dates for two successive public hearings regarding the budget, one hearing to follow the first reading, and one to follow the second reading. Notice of the time and place of said hearings shall be posted in three or more public places in the town and advertised in at least one newspaper of local circulation at least ten days in advance of each hearing. The council shall take final action on the consolidated budget following the second hearing before the start of the next fiscal year, which shall begin the first day of each July unless and until changed by ordinance. The town council can change only the total amount of the school committee's recommended budget. The town council can increase the total amount of either part of the consolidated budget, as presented by the town administrator, only if it makes provisions for increasing anticipated revenue to match increases in expenditures in the budget. In the event that the annual budget has not been finally enacted by the town council at the start of the fiscal year for whatever reason, the town council may authorize expenditures by town departments and agencies not to exceed the rate of expenditures for the comparable month of the preceding year. Such authorization shall be valid for no more than thirty days without renewal by the council. The council may negotiate loans in anticipation of tax revenues repayable in no more than twelve months' time, in order to provide funds to cover such expenditures. (Amended, November 5, 2002.)