(a) The Board of Education shall, at least thirty (30) days before the end of the fiscal year, adopt by majority vote of all its members an operating budget setting forth in lump sum amounts the proposed expenditures of the Board during the next fiscal year as to each principal administrative unit of the District, according to such classes of expenditures as the Board may determine, and the estimated receipts of the Board during the next fiscal year, including approximate estimates of proposed revenues and all other receipts. The total amount of proposed expenditures shall not exceed the amount of funds available for School District purposes.

(b) At least sixty (60) days prior to adoption of the annual operating budget, the Board shall adopt and submit to the Mayor and Council a lump sum statement of anticipated receipts and expenditures for the next fiscal year and a request for authority to levy taxes to balance its budget for the year. Provided, however, that if Council shall no longer have the power to authorize taxes for School District purposes, the statement need not be submitted to the Mayor and Council.

(c) The Board shall, at least thirty (30) days prior to the time any budget or amendment thereto is adopted, conduct at least one public bearing thereon. At least thirty (30) days' notice of such public hearings shall be published by advertisement at least once in two newspapers of general circulation printed in the City. The Board shall make available to the public a reasonable number of copies of such budget or amendment, and the notice of public hearing shall state where copies may be obtained or inspected.

(d) The Board shall have the power to amend the budget to authorize the transfer of any unencumbered balance, or any portion thereof, from one appropriation to another, or from one spending agency to another.

(e) The Board shall have the power to make additional appropriations or increase existing appropriations to meet emergencies which could not be anticipated when the budget was adopted, the funds therefor to be provided from unexpended balances in existing appropriations, from unappropriated revenues, if any, or from temporary loans. Under no other circumstances may the Board increase the aggregate total of budget appropriations unless unappropriated revenues become available in sufficient amount to maintain the budget in balance, in which event the Board may make additional or increased appropriations.