§ 2. Submission of budget.

On or before the first Tuesday in June of each year, or at such other time as the Council may by ordinance require, the City Manager shall submit in writing to the Council an annual budget for the ensuing fiscal year giving detailed estimates of the needs and requirements of the several departments and other divisions of the City government, according to a classification as nearly uniform as possible, and the amount required for the proper conduct of the various departments and divisions of the City government for the ensuing fiscal year; said budget shall present the following information:

(a)

An itemized statement of the appropriations recommended by the City Manager for current expenses and for permanent improvements for each department and each division thereof for the ensuing fiscal year, with comparative statements in parallel columns of the appropriations and expenditures for the current year, and the increases or decreases in the appropriations recommended;

(b)

An itemized statement of the taxes required, and of the estimated revenues of the City from all other sources, for the ensuing fiscal year, with a comparative statement in parallel columns of the taxes and other revenues for the current year, and of the increases or decreases estimated or proposed;

(c)

A statement of the amount of revenue needed to create a sinking fund to be used: 1st, for the payment of interest coupons as they fall due; 2nd, for the payment of bonds as they fall due; 3rd, for the payment of such parts of judgments as the City may, by law, be required to pay;

(d)

A statement of the financial condition of the City;

(e)

Such other information as may be required by the Council.