The budget shall be finally adopted not later than the first day of October of each year. If for any reason the council fails to adopt the general fund budget on or before that day, the general fund budget of the current fiscal year shall be the general fund budget for the ensuing year, until such time as a newly revised budget shall be adopted by the council, and, until that time, shall have full force and effect to the same extent as if the same had been adopted by the council, notwithstanding anything to the contrary in this part.

(Acts 1977, No. 71, p. 78, § 5.09.)