(a) Unless another date is provided by ordinance, the Town Council shall adopt the budget, by resolution, on or before the date provided by law for certification of the ad valorem property tax levy. If the Town Council fails to adopt the budget by the required date, the amounts appropriated for the current fiscal year, together with any additional amounts necessary for payments of principal and interest on securities and other payment obligations, shall be deemed appropriated for the next fiscal year on a month-to-month basis, with all items in it prorated accordingly, until such time as the Town Council adopts the budget for that fiscal year.

(b) The total of the proposed expenditures in the adopted budget shall not exceed the total of estimated revenues, including unappropriated cash reserves.

(c) Adoption of the budget shall constitute appropriations of the amounts specified therein as expenditures from the funds indicated, and shall constitute a levy of the ad valorem property tax therein provided. The Town Council shall cause the ad valorem property tax levy to be certified as provided by law. (Amended January 17, 2019)