To the extent permitted by general law, the budget shall make provision for the following items:
(1) Interest, amortization and redemption charges on the public debt for which the faith and credit of the City is pledged;
(2) Other statutory expenditures;
(3) The payment of all unsatisfied judgments;
(4) Administration, operation and maintenance of each office, department or agency of the city itemized by character and object of expenditure;
(5) Contingent expense, in an amount not exceeding five per centum of the total amount stated pursuant to subsection (4) of this section;
(6) Expenditures proposed for capital projects; and
(7) Capital reserve fund if Council has established such fund as provided by general law.