On or before the last Tuesday in December of each year, the Council shall determine the total amount of expenditures legally budgeted for, and any amount deemed necessary to defray additional expenses and liabilities, for all corporate purposes to be provided for by the tax levy of that year, and shall adopt an ordinance specifying in detail, in the manner authorized for the budget, the purposes for which the budget or such additional amounts deemed necessary have been made and the amount assignable for each purpose respectively, and shall levy upon all property subject to taxation within the Village as that property is assessed and equalized for state and county purposes for the current year. (Ord. MC-3-2013 § 8, 2013: prior code § 2.04)