At least sixty (60) days prior to the end of each fiscal year, the City Manager shall submit to the City Council a proposed budget presenting a complete financial plan for the ensuing fiscal year. If the City Council fails to adopt an annual budget before the start of the fiscal year to which it applies, appropriations of the last budget adopted shall be considered as adopted for the current fiscal year on a month to month, pro rata basis, until the annual budget is adopted. No budget shall be adopted or appropriations made unless the total of estimated revenues, income, and funds available shall be equal to or in excess of such budget or appropriations, except as otherwise provided in this Article.
The annual budget shall specify appropriations for capital expenditures and for expenditures directed by City Council for services and for the operation of the City. It shall comply with fund requirements of bond covenants.