During or prior to the sixth week preceding the first day of the fiscal year, the City Manager shall present to the Council a budget proposal for the next fiscal year of the city. Such budget proposal shall set forth the City Manager’s recommendations for and an analysis of the anticipated income and expenditures of the city during the next fiscal year, together with comparative figures showing the estimated corresponding amounts for the current year and comparisons with the previous year. The proposed expenditures set forth in the budget proposal shall not exceed the expected revenues of the City. Unencumbered funds remaining at the end of the fiscal year may be reallocated for purposes set forth in the budget proposal.