(A) The Clerk shall, on or before May 15 in each year, and before the annual appropriations to be made by the Village Board, submit to the Village Board a report of his or her estimates as nearly as may be of monies necessary to defray the expenses of the corporation during the current fiscal year.
(B) He or she shall, in the report, classify the different objects and branches of expenditures, giving as nearly as may be the amount required for each; and for the purpose of making such a report, he or she is hereby authorized to require of all officers, their statement of the condition and expenses of their respective offices or departments with any proposed improvements, and the probable expense thereof, all contracts made and unfinished and the amount of any and all unexpended appropriations of the preceding year.
(C) He or she shall, in the report, show the aggregate income of the preceding fiscal year, from all sources, the amount of liabilities outstanding upon which interest is to be paid, the bonds and debts payable during the year, when due, and when payable; and in the report, he or she shall give such other information to the Village Board as he or she may deem necessary to the end that the Village Board may fully understand the money exigencies and demands upon the corporation for the current year.
(1994 Code, § 1-2-65)