The Common Council shall cause to be published in a newspaper of general circulation in the city, a general summary of the budget as required by State law. The Common Council may adopt the budget with or without amendment. The Common Council may insert new items of expenditure or may increase, decrease or strike out items of expenditure, except that no item of appropriation for debt service shall be reduced. The budget and the annual appropriation ordinance for the ensuing fiscal year shall be adopted and implemented by the Common Council in the manner established by State law.