(A) On or before May 15 of each year, and before the annual appropriation ordinance is prepared by the corporate authorities, he or she shall submit to the corporate authorities a report of his or her estimate, as nearly as may be, of the money necessary to defray the expenses of the municipality during the current fiscal year. For the purpose of making this report, he or she is authorized to require all officers to submit statements of the condition and expenses of their respective officers or departments, with any proposed municipal improvements and the probable expenses thereof, all unperformed contracts, and the amount of all unexpended appropriations of the preceding year.
(B) In this report, he or she shall:
(1) Classify the different objects and purposes of expenditure, giving, as nearly as may be, the amount required for each;
(2) Show the aggregate income of the preceding fiscal year from all sources;
(3) Show the amount of liabilities upon which interest is to be paid;
(4) Show the bonds and debts payable during the year, when due and payable; and
(5) Give other information to the corporate authorities as he or she deems necessary, so that the corporate authorities may fully understand the demands upon the municipality for the current fiscal year.
(1980 Code, § 5.014)