At the first regular Council meeting in May of each year the Clerk shall submit a recommended budget for the ensuing fiscal year, which budget shall contain at least the following:
(a) Detailed estimates, with supporting explanations, of all proposed expenditures for each department and office of the Village, together with the expenditures for corresponding items for the last preceding fiscal year in full and for the current fiscal year to March l, and estimated expenditures for the balance of the current fiscal year.
(b) Statements of the bonded and other indebtedness of the Village, showing the debt redemption and interest requirements, the debt authorized and issued and the condition of sinking funds, if any.
(c) Detailed estimates of all anticipated revenues of the Village from sources other than taxes, with a comparative statement of the amounts received by the Village from each of the same or similar sources for the last preceding fiscal year in full and for the current fiscal year to March l, and estimated revenues for the balance of the current fiscal year.
(d) A statement of the estimated balance or deficit for the end of the current fiscal year.
(e) An estimate of the amount of money to be raised from current and delinquent taxes and the amount to be raised from bond issues which, together with any available unappropriated surplus and any revenues from other sources, will be necessary to meet the proposed expenditures.
(f) Such other supporting information as the Council may request.
(Char. eff. June 7, 1954)