§ 75. Annual estimate. Within sixty days after the commencement of each fiscal year, the board of estimate and apportionment shall make an itemized statement, in writing, of the estimated revenues and expenditures of the city for the fiscal year, which shall be known as its annual estimate, provided, however, that if in the city the taxes for state, county and city purposes are included in one levy, the common council may, by ordinance, direct that the said estimate be made within sixty days prior to the commencement of such fiscal year. The estimate of revenues shall contain an estimate of the probable revenues which, in the judgment of the board of estimate and apportionment, will be received by the city during the fiscal year, less the amount required to be deposited to the credit of the sinking fund, if any; a statement of the amount of the sinking fund which, in the judgment of the board of estimate and apportionment, is available and should be applied to the payment of the principal of any bonded indebtedness of the city falling due during the said fiscal year; and a statement of all unexpended balances or estimated unexpended balances of the previous fiscal year remaining to the credit of the city, or of any office, board or department thereof. The estimate of expenditure shall contain an estimate of the several amounts of money which the board of estimate and apportionment deems necessary to provide for the expenses of conducting the business of the city in each board, department and office thereof and for the various purposes contemplated by this chapter and otherwise by law for the said fiscal year; to pay the principal and interest of any bonded or other indebtedness of the city falling due during the said fiscal year; and the amount of any judgments recovered against the city and payable during the said fiscal year. After said annual estimate shall have been completed, the board of estimate and apportionment shall submit the same in final form to the common council with a statement, in writing, of such reasons for such estimate as it may deem proper. The common council shall as soon thereafter as may be possible, convene and consider the said estimate. It shall give a public hearing to such persons as wish to be heard in reference thereto. After such hearing, and, within thirty days after such estimate shall have been submitted to it, the common council shall adopt such estimate so submitted or shall diminish or reject any items therein contained, and adopt said estimate as so amended. The common council shall not have the power to diminish or reject any item which relates to salaries, the indebtedness or estimated revenues, or the sums directed by the board of supervisors of the county within which the city is situated to be levied within the city for state and county purposes, or the sums lawfully payable within said fiscal year upon judgments; nor shall the common council increase any item, for any purpose contained in said estimate.

In a year when a special city election may be held under the provisions of the city local option law, the board of estimate and apportionment shall include in the annual estimate an estimate of probable revenues from the excise tax based upon the number of liquor licenses in force, if any, in such city at the time such annual estimate is made; and in case there are no liquor licenses in force at the time the annual estimate is made, the board of estimate and apportionment shall omit from the annual estimate any estimate of probable revenues from the excise tax and include as its estimate of probable revenues only those derived from other sources. If such election be held and the result thereof alters the probable revenues from the excise tax, a supplemental estimate shall be made and filed, revising and supplying or striking out, according to the result of the election, any items omitted or included therein upon the basis of there being probable revenues or no probable revenues from such tax. Such supplemental estimate, if any, shall be made and filed as soon as practicable after such board shall ascertain the necessary facts and not later than the completion of the tax budget in time for the annual tax levy as provided by law. On demand by such board, the secretary of the board of canvassers shall certify as to the result of the vote at any such election. In any case where a special election or the result of a vote thereat is the subject of judicial proceedings a county clerk in whose office an order is filed or entered affecting such election or vote shall notify such board of the filing or entry of the order immediately thereafter. Any such supplemental estimate shall be deemed a part of the annual estimate and amendatory thereof.