§ 9.5. ADOPTION OF BUDGET.

(a)

At the regular meeting held not later than the third Monday in May, Council shall, by resolution, adopt a budget for the next fiscal year and make an appropriation of the money needed therefor. Such resolution shall designate the sum to be raised by taxation for the general purposes of the City and for the payments of principal and interest on its indebtedness. Failure to adopt such resolution within the time herein set shall not invalidate either the budget or the tax levy therefor.

(b)

Should Council fail to adopt a budget for the next fiscal year on or before the first Monday in June, the budget proposal as recommended to Council by the City Manager shall be deemed to have been finally adopted by Council and, without further action by Council shall constitute an appropriation of the money needed for Municipal purposes during the next fiscal year. It shall be deemed due and legal authority for a levy of the amount necessary to be raised by taxes upon real and personal property subject to the provisions of Section 10.1 of this Charter. If any budget adopted in this manner requires an amount to be raised by taxes upon property in excess of the limitation provided in Section 10.1, the budget and appropriations and each item thereof shall be adjusted by the City Manager to conform to such limitations.