(a) The governing body of each municipality operating under a charter shall prepare, approve, and publish, not less than sixty (60) days in advance of the annual municipal general election, a proposed budget of operational expenditures of the municipality for the forthcoming year, together with proposed taxes and rate or rates sufficient to provide the funds therefor, excluding the rates under any continuing levies previously authorized.
(b)
(1) The taxes and the rate or rates so proposed shall be submitted to the qualified electors at the next annual municipal general election.
(2)
(A) The proposed taxes shall be approved or disapproved in their entirety.
(B)
(i) If a majority of the qualified electors voting thereon shall approve the taxes so proposed, then the taxes so approved shall be collected at the rate provided.
(ii) In the event a majority of the qualified electors voting in the election shall disapprove the proposed taxes, then the taxes shall be collected at the last rate legally levied.
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