The City Manager shall, in accordance with the provisions of this Charter and under such rules and regulations as the Council may prescribe, at least thirty days prior to the beginning of each budget year, submit to the Council a proposed budget and budget explanatory message in the form as desired by the Council.  A public hearing on the question of the adoption of the proposed budget shall be held by the Council not later than fifteen days prior to the beginning of the budget year and the budget shall be adopted by the favorable vote of at least a majority of all the members of the Council.
   The budget shall be adopted not later than the twenty-seventh day of the last month of the fiscal year prior to the beginning of the new budget year.  Should the Council take no final action on or prior to such day, the budget, as submitted, shall be deemed to have been adopted by the Council and shall be in effect for the budget year, but the budget, as adopted, shall be subject to such revision by the Council as may be appropriate for the laying of the levy for the ensuing year.