The City Manager, at least thirty (30) days prior to the commencement of the fiscal year, shall prepare and submit a budget to the Council, which shall contain the following:
(1) A budget message which shall outline the proposed financial policies for the year with explanations of significant changes in expenditures from previous years and any other major changes of policy and a statement regarding the financial conditions of the City;
(2) An estimate of all revenues from taxes and other sources;
(3) Summaries of proposed expenditures by function, department and activity and of proposed expenditures by character and object;
(4) A description of all outstanding bond indebtedness, showing the amount, date of issue, rate of interest and maturity date, as well as any other indebtedness which the City has incurred and which is unpaid;
(5) A statement describing any capital expenditures proposed to be undertaken during the year and recommending provisions for financing such expenditures.