Section 5-508. Adoption of budget

l. The village clerk shall present the
  tentative budget to the board  of  trustees  at  a  regular  or  special
  meeting  to  be  held on or before the thirty-first day of March or such
  other date as may be  applicable  pursuant  to  section  5-510  of  this
  article  or  section  17-1729  of article seventeen. At such meeting the
  board of trustees shall  review  the  tentative  budget  and  make  such
  changes,  alterations  and  revisions  as  it  shall consider advisable,
  provided that:
    a. The statement of the amount estimated for any object or purpose for
  which an appropriation is required to  be  made  by  law  shall  not  be
  reduced below the minimum so required.
    b. The board of trustees shall enter in its minutes a statement of the
  basis  for  any  increase  in  or addition to any statement of estimated
  revenues.
    2. If the board of trustees shall make any changes  in  the  tentative
  budget,  such  adjustments shall be made which are necessary so that the
  total estimated revenues, appropriated  fund  balance  and  appropriated
  reserves  together with the amount of taxes to be levied shall equal the
  total estimated expenditures.
    3. A public hearing shall  be  held  upon  the  tentative  budget,  as
  changed,  altered or revised, on or before the fifteenth day of April or
  such other date as may be applicable pursuant to section 5-510  of  this
  article  or  section 17-1729 of article seventeen. Notice of such public
  hearing shall be published at least once in the official  newspaper  and
  in  such  other  newspapers  and  for such other additional times as the
  board of trustees, by resolution, may direct. At least five  days  shall
  elapse  between  the date of the first publication of such notice in the
  official newspaper and the date specified for the hearing. The notice of
  hearing shall state the time when and place where  such  public  hearing
  will  be  held,  the  purpose  thereof  and that a copy of the tentative
  budget is available at the office of the village clerk where it  may  be
  inspected by any interested person during office hours. The notice shall
  also  state  the  compensation proposed to be paid to each member of the
  board of trustees. The hearing may be adjourned from day to day but  not
  beyond  the  twentieth  day  of  April  or  such  other  date  as may be
  applicable pursuant to section 5-510 of this article or section  17-1729
  of article seventeen.
    4.  After  completion of the public hearing, the board of trustees may
  further change, alter and revise the tentative budget, subject, however,
  to the conditions and restrictions imposed by subdivision  one  of  this
  section.  Such budget, as so revised, shall be adopted by resolution not
  later than the first day of May, or such other date as may be applicable
  pursuant to section 5-510 of this article or section 17-1729 of  article
  seventeen and such adoption of appropriations and the means of financing
  the  same  shall  be indicated in each schedule and schedule in a column
  parallel to those required by section 5-506 of this article.  Unless the
  resolution specifically sets forth the appropriations in greater detail,
  the  appropriations  shall  be  deemed  to  have  been  made  for   each
  administrative  unit  by the following objects of expenditure:  personal
  services, equipment, other expenses and special objects  of  expenditure
  as  may  be  prescribed  in  a  uniform  system of accounts by the state
  comptroller. Upon adoption of the resolution required  by  this  section
  the  amounts proposed to be appropriated shall thereupon be appropriated
  and the wages and salaries shown in the schedule thereof shall be  fixed
  at  the  amounts  shown therein. In the event that the board of trustees
  shall fail to adopt a budget on or before the first day of May  or  such
  other  date  as  may  be  applicable  pursuant  to section 5-510 of this
  article or section 17-1729 of article seventeen, the  tentative  budget,

  with  such changes, alterations and revisions as shall have been made by
  resolution of the board of trustees, shall constitute the budget for the
  ensuing fiscal year.