The fiscal year of this City shall, unless Council by proper action adopts a different date, be the same as that established from time to time for cities by the general law of Ohio. Not less than forty-five (45) days before the end of each fiscal year, the Mayor, with the assistance of the Director of Finance, shall prepare and submit to the Council an estimate of the revenues and expenditures of the City for the next succeeding fiscal year. Such estimate shall be compiled from information which shall be furnished by the head of each department, division, board or commission in such form and detail as the Mayor may require. The estimate shall furnish the following information:
(a) An estimate of the anticipated revenue from each source during the next succeeding fiscal year, with a comparative statement of the amount received from such source during the preceding one or two years and the current year plus an estimate of such amounts for the remainder of the current year, which estimates the Mayor shall receive from the Director of Finance;
(b) An estimate of the expense of conducting each department and activity of the City for the next succeeding fiscal year, together with comparative statements as provided in the next preceding paragraph, with reasons for increases or decreases;
(c) The amount of the total and net debt of the City, together with a schedule of maturities of outstanding bonds and notes, which the Mayor shall receive from the Director of Finance;
(d) An estimate of the value of supplies and materials on hand at the date of preparation of the estimate;
(e) A statement of the unencumbered balance in each bond and improvement fund, which the Mayor shall receive from the Director of Finance.