(1)(a) On or before the first regularly scheduled town council meeting of May, the
(i) in accordance with Subsection (1)(b), prepare for the ensuing year a tentative
budget for each fund for which a budget is required;
(ii) make the tentative budget available for public inspection; and
(iii) submit the tentative budget to the town council.
(b) The tentative budget for each fund shall set forth in tabular form:
(i) actual revenues and expenditures in the last completed fiscal year;
(ii) estimated total revenues and expenditures for the current fiscal year; and
(iii) the mayor's estimates of revenues and expenditures for the budget year.
(2)(a) The mayor shall:
(i) estimate the amount of revenue available to serve the needs of each fund;
(ii) estimate the portion to be derived from all sources other than general property
(iii) estimate the portion that shall be derived from general property taxes.
(b) From the estimates required by Subsection (2)(a), the mayor shall compute and
disclose in the budget the lowest rate of property tax levy that will raise the required
amount of revenue, calculating the levy on the latest taxable value.
(3)(a) Before the public hearing required under Section 10-5-108, the town council:
(i) shall review, consider, and tentatively adopt the tentative budget in any regular
meeting or special meeting called for that purpose; and
(ii) may amend or revise the tentative budget.
(b) At the meeting at which the town council adopts the tentative budget, the council
shall establish the time and place of the public hearing required under Section 10-5-108.
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