The Manager's message shall explain the annual operating budget both in fiscal terms and in terms of the work programs.  It shall outline the proposed financial program of the municipality for the ensuing fiscal year, describe the important features of the annual operating budget, indicate any major changes from the current year in financial policies, expenditures, and revenues, together with the reasons for changes, summarize the municipality's debt position, and include such other material as Council may require and as provided by law. The Manager shall submit the annual operating budget to Council by no later than the 15th day of November each year.