(A) In addition to his or her other duties, the said Chairperson, on or before May 15 in each year and before the annual appropriations are made by the Village Board, shall submit to the said Village Board a statement of his or her estimates, as nearly as may be, of the moneys necessary to defray the expenses of the village during the current fiscal year. He or she shall in said statement classify the different objects and branches of expenditures, giving the amount required for each, as nearly as may be, and for the purpose of making such statement, he or she is authorized to require of all city officers statements of the condition and expenses of their respective offices or departments, with any proposed improvements and probable expenses thereof, and of all contracts made and uncompleted, and the amount of any and all unexpended appropriations of the preceding fiscal year.
(B) He or she shall also in such statement show the aggregate income of the preceding fiscal year from all sources, and 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 he or she shall give therein such other information to the Village Board as he or she may deem necessary to the end, and that said Village Board may fully understand the money exigencies and demands upon the village for the current year.
(1975 Code, § 4-116)