The council shall meet annually prior to fixing the tax levy, and after considering the tentative budget submitted by the city manager shall make a final budget of the estimated amounts required to pay the expenses of conducting the business of the city government for the next ensuing fiscal year. The final budget shall be prepared in such detail as to aggregate sum and the items thereof allowed to each department, office, board or commission, as the council may deem advisable. The council may also provide, in the final budget, an emergency fund in such amount as it may deem advisable, which said fund shall not be allotted to any particular department, office, board or commission except as hereinafter provided.

And the council at the same time shall pass an annual appropriation ordinance, which shall be based upon the budget submitted by the city manager and made up as herein provided. The total amount of appropriations shall not exceed the estimated revenue of the city.

Before the annual appropriation ordinance has been passed, the council may make temporary appropriations for current department expenses, chargeable to the appropriations of the year when passed, to an amount sufficient to cover the necessary expenses of the various departments, until the annual appropriation is in force. No other liabilities shall be incurred by any officer or employee of the city except in accordance with the provisions of the annual appropriation ordinance, or under continuing contracts and loans authorized under the provisions of this Charter.

At any meeting after the passage of the appropriation ordinance, the council by a vote of four of its members may amend such ordinance, so as to authorize the transfer of unused balances appropriated for any purpose, including the emergency fund, to another purpose, or to appropriate available revenue not included in the annual budget.