Before the publication (before January 1, 2015) and before the submission of notice of budget estimates required by I.C. 6-1.1-17-3, the town shall formulate a budget estimate for the ensuing budget year in the following manner, unless the town provides by ordinance for a different manner:
(A) Each department head shall prepare for the department head’s department an estimate of the amount of money required for the ensuing budget year, stating in detail each category and item of expenditure the department head anticipates;
(B) The town’s Fiscal Officer shall prepare an itemized estimate of revenues available for the ensuing budget year, and shall prepare an itemized estimate of expenditures for other purposes above the money proposed to be used by the departments;
(C) The President of Council shall meet with the department heads and the Fiscal Officer to review and revise their various estimates; and
(D) After the President’s review and revision, the Fiscal Officer shall prepare for the President a report of the estimated department budgets, miscellaneous expenses and revenues necessary or available to finance the estimates.
(I.C. 36-5-3-3)