(A) The governing body shall, not later than October 1 of each year, on forms prescribed and furnished by the State Auditor, prepare in writing and file with the City Clerk a proposed budget statement containing the following:
(1) For the immediate 2 prior fiscal years, the budgeted revenue and expenditures from all sources, separately stated as to each such source, and for each fund the budgeted unencumbered cash balance of the fund at the beginning of each fiscal year;
(2) For the current fiscal year, the budgeted revenue and expenditures from all sources, separately stated as to each such source, and for each fund the budgeted unencumbered cash balance of the fund at the beginning of the year. The statement shall contain the cash reserve for each such fund for each fiscal year. The cash reserve projections shall be based upon the actual experience of prior years. The cash reserve shall not exceed 50% of the total budget adopted for the fund, exclusive of capital outlay items; and
(3) For the immediate ensuing fiscal year, an estimate of the non-tax revenue from each source and which fund it is to be allocated to, the actual or estimated unencumbered cash balance for each fund which will be available at the beginning of the next fiscal year, amounts proposed to be expended during the year, and the amount of cash reserve, which shall not exceed 50% of the total budget adopted, exclusive of capital outlay items.
(B) The estimated expenditures plus the required cash reserve for the ensuing fiscal year less all estimated and actual unencumbered balances at the beginning of the year and less the estimated income from all sources other than taxation shall equal the amount to be received from taxes, and the amount shall be shown on the proposed budget statement filed pursuant to this section. The amount to be raised from taxation, as determined pursuant to this section, plus the estimated revenue from sources other than taxation, and the unencumbered balances shall equal the estimated expenditures plus the required cash reserve for the ensuing year.
(Prior Code, § 2-302)