§ 23. Preparation of annual budget.

The city council shall each year, prior to the beginning of the next fiscal year, require the city manager to prepare and present a proposed budget to cover all proposed revenues and expenditures of the city for the next fiscal year. The budget shall, as amended at the discretion of the city council, be approved and adopted by ordinance prior to the beginning of the fiscal year.

The budget shall provide a complete work and financial plan for the city, including all city funds and activities. A budget message, explaining the budget in both fiscal terms and in terms of the work programs, shall be submitted with the budget. It shall outline the proposed financial policies of the city for the ensuing fiscal year; describe the important features of the budget; indicate any major changes from the current year in financial policies, expendi-tures, and revenues, with reasons for those changes; summarize the city's debt position and include such other material as the city manager deems desirable or the council requires. The budget shall begin with a clear general summary of its contents; and shall show in detail all estimated revenues, indicating the proposed property tax levy, and all proposed expen-ditures, including debt service, for the ensuing fiscal year. The proposed budget expenditures shall not exceed the total of estimated funds available from all sources. The budget shall be so arranged as to show comparative figures for actual and estimated reve-nues and expenditures of the current fiscal year and actual revenues and expenditures of the preceding fiscal year, compared to the estimates for the budgeted year. It shall include in separate sections:

(a)

An itemized estimate of the expense of conducting each department, division and office.

(b)

Reasons for proposed increases or decreases of each item of expenditure compared with the current fiscal year.

(c)

A statement of the total probable revenues of the city from taxes by category for the fiscal year.

(d)

An itemization of all anticipated revenue from utilities and all sources other than the taxes.

(e)

The amount required for interest on the city's debts, for the sinking fund and for maturing bonds or other obligations.

(f)

The total amount of outstanding city debts and other obligations, with a schedule of payments and maturities.

(g)

Such other information as may be required by the council.