(a) Proposed expenditures shall be itemized.
(b) Separate provision shall be included in the budget for at least:
(1) Interest, amortization of principal and redemption charges on the public debt for which the faith and credit of the municipality is pledged;
(2) Administration, operation and maintenance of each office, department or agency of the municipality;
(3) Council's budgetary reserve;
(4) Expenditures proposed for construction projects including provisions for down payments on capital projects.