a. Not later than the tenth day of March, each borough president shall submit to the mayor and council, in such form and containing such information as the mayor shall prescribe, any proposed modifications of the preliminary budget which the borough president recommends in accordance with the provisions of subdivision b of this section.
b. Each borough president shall propose such modifications to the preliminary budget as the borough president deems to be in the best interest of the borough, taking into consideration community and borough board priorities and testimony received at public hearings held pursuant to section two hundred forty-one. The net effects of any such modifications recommended by the borough president may not result in an increase in the total amount of appropriations proposed in the preliminary budget. If increases in appropriations within the borough are recommended, offsetting reductions in other appropriations within the borough must also be recommended. Each proposed increase or reduction must be stated separately and distinctly and refer each to a single object or purpose.