Form and Content.
Section 15
SEC. 15. Form and Content.—The provincial, city and municipal budget shall primarily consist of two parts: (1) the estimates of income certified collectible by the treasurer concerned; and (2) the total appropriations covering (a) the current operating expenditures; and (b) capital outlays. The budget document shall contain: a budgetary message of the local chief executive setting forth in brief the significance of the appropriations proposed: a brief summary of the functions and activities in relation to the goals and objectives of the local government for the fiscal period; and summary financial statements setting forth: the actual income and expenditures during the last completed year; the actual income and expenditures of the first three quarters and the estimated income and expenditures for the fourth quarter of the fiscal year in progress; the estimated income for the ensuing fiscal year from ordinances and laws existing at the time the proposed budget is transmitted, together with other revenue-raising proposals, if any; the estimated expenditures necessary to carry out the functions and activities of the local government for the ensuing fiscal year; all essential facts regarding the bonded and other long-term obligations and indebtedness of the local government, of any; summary statement of all statutory and contractual obligations due; and such other financial statements and data as are deemed necessary or desirable in order to make known in all practicable detail the financial condition of the local government.