Annual Budget.
Section 76
SEC. 76. Annual Budget.—At least three months before the beginning of each fiscal year, the city treasurer shall present to the mayor a certified detailed statement by department of all receipts and expenditures of the city pertaining to the preceding fiscal year, and to the first seven months of the current fiscal year together with an estimate of the receipts and expenditures for the remainder of the current fiscal year, and he shall submit with this statement a detailed estimate of the revenues and receipts of the city from all sources for the ensuing fiscal year. Upon the receipt of this statement and estimate and the estimates of department heads as required by Section twenty of this Charter, the mayor shall formulate and submit to the Municipal Board at least two and a half months before the beginning of the ensuing fiscal year, which shall be the basis of the annual appropriation ordinance: Provided, however, That in no case shall the aggregate amount of such appropriation exceed the estimate of revenues and receipts submitted by the city treasurer as provided above: Provided, further, That no less than fifteen per centum of the expected revenues of the city for any fiscal year shall be appropriated for public improvements for the said fiscal year. The city budget once approved by the Municipal Board, shall become effective and operative immediately.