§ 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.