The Mayor shall:
1. Submit to the Council not less than 45 days prior to the beginning of each fiscal year, a proposed operating budget for the upcoming fiscal year, which shall contain at least the following:
a. A statement of projected fund balances at the end of the current year and estimated revenues from all sources for the new fiscal year;
b. A statement of proposed expenditures, shown by department and by category, and a presentation of aggregate projected positive or negative cash flow and its projected impact on year-end surplus;
c. A schedule of proposed expenditures for each department on a monthly basis, subject to guidelines approved by Council; and
d. A summary of the contents of the proposed operating budget.
2. Submit to the Council not less than 45 days prior to the beginning of each fiscal year a capital improvements programs, which shall contain at least the following:
a. The capital improvements scheduled for or proposed to be undertaken within the upcoming fiscal year, along with the estimated cost of each improvement and the proposed or established method of financing;
b. The capital improvements projected for the four years following the upcoming fiscal year; and
c. A financial forecast for the revenue and expenditures of the Municipality, including the capital improvements program, for the four years following the upcoming fiscal year.
3. Submit a written message to the Council accompanying the proposed operating budget and capital improvements program explaining them both in fiscal terms and in terms of work to be done, outlining the proposed financial policies of the Municipality for the upcoming fiscal year and describing the important features of the operating budget and the capital improvements program. The message shall include any proposals for major changes in financial policies and in expenditures, appropriations and revenues as compared with the current fiscal year and the reasons for such proposals.
4. Submit to the Council during the first 120 days of each fiscal year a report on the financial condition of the Municipality as of the end of the preceding fiscal year, which report shall include a recommendation as to whether an increase or decrease in revenue may be advisable.
(Enacted August 3, 2010)