Section 68
SEC. 68. Annual Budget.&mdashAt least four months before the beginning of each fiscal year, the city treasurer shall present to the mayor a certified detailed statement by department of all receipt and expenditures of the city pertaining to the preceding fiscal year, together with the estimate of the receipts and expenditures of the remainder of the current fiscal year; and he shall submit with the statement a detailed estimate of the revenues and receipt of the city from all sources for the ensuing fiscal year. Upon the receipt of this statement and estimates of department heads as required by Section eighteen of this Act, the Mayor shall formulate and submit to the City Council at least two months before the beginning of the ensuing fiscal year, a detailed budget covering the estimated necessary expenditures for the said 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 exceeds the estimate of revenues and receipts submitted by the city treasurer as provided above.