On or before the last Tuesday in December in each year, the village board of trustees shall ascertain the total amount of appropriations legally made or budgeted for and any amount deemed necessary to defray additional expenses and liabilities for all corporate purposes to be provided for by the tax levy of that year. Then, by an ordinance specifying in detail in the manner authorized for the annual appropriation ordinance or budget of the village, the purposes for which the appropriations, budgeting or such additional amounts deemed necessary have been made and the amount assignable for each purpose respectively, the village board of trustees shall levy upon all property subject to taxation within the village as that property is assessed and equalized for state and county purposes for the current year. (1993 Code p. 121 § 409.1-1; amd. 2006 Code)