a. The council shall fix the annual tax rates immediately upon the approval of the budget pursuant to section two hundred fifty-four. The council shall deduct the total amount of receipts contained in the most recent estimate submitted by the mayor pursuant to section two hundred fifty or section one thousand five hundred fifteen from the amount of the budget, for the ensuing fiscal year, and shall cause to be raised by tax on real property such sum as shall be as nearly as possible but not less than, the balance so arrived at, by fixing tax rates in cents and thousandths of a cent upon each dollar of assessed valuation. The tax rates shall be such to produce a balanced budget within generally accepted accounting principles for municipalities.
b. If a single budget has not been adopted by the fifth day of June pursuant to subdivision b of section two hundred fifty-four, the tax rates adopted for the current fiscal year shall be deemed to have been extended for the new fiscal year until such time as a new budget is adopted.
c. In the event the mayor exercises the veto power pursuant to section two hundred fifty-five, the council shall, if necessary, fix new annual rates not later than the date the budget is finally adopted in accordance with the requirements of subdivision a of this section.
(Am. L.L. 2019/215, 12/11/2019, eff. 12/11/2019)