(a) Introduction.--Each year at the last stated meeting in November, the chief fiscal officer shall, on behalf of council, present to council for introduction a proposed budget ordinance. The proposed budget ordinance shall show the estimated receipts, expenditures and liabilities for the ensuing year, with the balance of unexpended appropriations and all other information of value as a basis for fixing the levy and tax rate for the next fiscal year. Council shall, upon introducing the proposed budget ordinance, fix a date for adoption, which shall be not later than December 31 of that year.

(b) Estimate.--The departments of the city government shall, before the proposed budget ordinance is introduced as provided under subsection (a), furnish to council an estimate of the probable receipts and expenditures and an estimate of the amount required by each of the departments for public service during the ensuing fiscal year as a basis for making the annual appropriations.

(c) Inspection.--

(1) When the proposed budget ordinance is submitted to council and has been introduced, the city clerk shall immediately make the proposed budget ordinance available for public inspection at the city clerk's office and shall publish a notice to that effect once in a newspaper of general circulation in accordance with the provisions of section 10109 (relating to publication of notices).

(2) The notice shall state the date fixed by council for enactment of the proposed budget ordinance and notice shall be published at least 20 days prior to the time fixed by council for enactment of the proposed budget ordinance. The proposed budget ordinance shall be available for public inspection at the city clerk's office for at least 10 days after the newspaper notice is published.

(d) Enactment.--Council shall, after making the changes and modifications as appear proper, enact the budget and any appropriation measures required to put it into effect upon the date fixed for enactment. The budget shall reflect as nearly as possible the estimated revenues and expenditures of the city for the year for which the budget is prepared. Should it appear upon any revision of the budget that the estimated expenditures in the enacted budget would be increased more than 10% in the aggregate or more than 25% in any individual item over the proposed budget, the budget shall not be enacted with any of the increases unless the budget is made available for public inspection for a period of at least 10 days after notice to that effect is published as provided under subsection (c).