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On or before the first Monday in May in each year, or on such date in each year as shall be fixed by the council, the city manager shall submit to the council a tentative budget which shall contain an estimate of the probable expenditures of the city government, for the next ensuing fiscal year, stating the amount required to meet the interest and sinking funds for the outstanding funded indebtedness of the city, and the wants of all the departments of the municipal government in detail, and showing specifically the amount necessary to be provided for each fund and department; also an estimate of the amount of income from fines, licenses and other sources of revenue, exclusive of taxes upon property, and the probable amount required to be levied and raised by taxation.