§ 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.