(1)

1. (a) On or before the first regularly scheduled town council meeting of May, the mayor shall:

   1. (i) prepare for the ensuing year, on forms provided by the state auditor, a tentative budget for each fund for which a budget is required;
   2. (ii) make the tentative budget available for public inspection; and
   3. (iii) submit the tentative budget to the town council.

2. (b) The tentative budget of each fund shall set forth in tabular form:

   1. (i) actual revenues and expenditures in the last completed fiscal year;
   2. (ii) estimated total revenues and expenditures for the current fiscal year; and
   3. (iii) the mayor's estimates of revenues and expenditures for the budget year.

(2)

1. (a) The mayor shall:

   1. (i) estimate the amount of revenue available to serve the needs of each fund;
   2. (ii) estimate the portion to be derived from all sources other than general property taxes; and
   3. (iii) estimate the portion that shall be derived from general property taxes.
2. (b) From the estimates required by Subsection (2)(a), the mayor shall compute and disclose in the budget the lowest rate of property tax levy that will raise the required amount of revenue, calculating the levy on the latest taxable value.

(3)

1. (a) Before the public hearing required under Section 10-5-108, the town council:

   1. (i) shall review, consider, and tentatively adopt the tentative budget in any regular meeting or special meeting called for that purpose; and
   2. (ii) may amend or revise the tentative budget.
2. (b) At the meeting at which the town council adopts the tentative budget, the council shall establish the time and place of the public hearing required under Section 10-5-108.

(4)

1. (a) Except as provided in Subsection (4)(d), if a town council includes in a tentative budget, or an amendment to a budget, allocations or transfers from a utility enterprise fund to another fund that are not reasonable allocations of costs between the utility enterprise fund and the other fund, the governing body shall:

   1. (i) hold a public hearing;
   2. (ii) prepare a written notice of the date, time, place, and purpose of the hearing as described in Subsection (4)(b); and
   3. (iii) subject to Subsection (4)(c), mail the notice to each utility enterprise fund customer at least seven days before the day of the hearing.

2. (b) The purpose portion of the written notice shall identify:

   1. (i) the utility enterprise fund from which money is being allocated or transferred;
   2. (ii) the amount being allocated or transferred; and
   3. (iii) the fund to which the money is being allocated or transferred.

3. (c) The town council:

   1. (i) may print the written notice required under Subsection (4)(a)(ii) on the utility enterprise fund customer's bill; and
   2. (ii) shall include the written notice required under Subsection (4)(a)(ii) as separate notification mailed or transmitted with the utility enterprise fund customer's bill.
4. (d) The notice and hearing requirements in this Subsection (4) are not required for an allocation or a transfer included in an original budget or in a subsequent budget amendment previously approved by the town council for the current fiscal year.