(1) In every city, a budget message prepared by or under the direction of the city's chief administrative officer shall be submitted as a part of the preliminary budget to the city's legislative body at least sixty days before the beginning of the city's next fiscal biennium and shall contain the following:

(a) An explanation of the budget document;

(b) An outline of the recommended financial policies and programs of the city for the ensuing fiscal biennium;

(c) A statement of the relation of the recommended appropriation to such policies and programs;

(d) A statement of the reason for salient changes from the previous biennium in appropriation and revenue items; and

(e) An explanation for any recommended major changes in financial policy.

(2) Prior to the final hearing on the budget, the legislative body or a committee thereof shall schedule hearings on the budget or parts thereof, and may require the presence of department heads to give information regarding estimates and programs.