§ 6.05. A balanced budget.

In no event shall the expenditures recommended by the city manager in the general budget exceed the receipts estimated, taking into account the estimated cash surplus or deficit at the end of the current fiscal year, unless property assessments have been raised or unless the city manager shall recommend an increase in the rate of and valorem taxes on real estate and tangible personal property or other new or increased taxes, licenses or other sources. Receipts from increased taxes, licenses or other sources shall be estimated on the basis of the average rate of increased collections during the preceding two fiscal years except in instances in which the city manager submits as a part of the budget a written statement explaining any estimate that is made on some other basis. Receipts from new taxes, licenses, or other sources shall be estimated on information available from other cities, the State of Virginia or other states, the federal government or other appropriate sources. If estimated receipts exceed estimated expenditures, the city manager may recommend revisions in the tax, license or other ordinances of the city in order to bring the general fund budget into balance. (Acts 1968, ch. 510, Sec.1; Acts 1981, ch. 512, § 1)