Not later than September first of each year the city manager shall submit to the council a proposed annual budget which shall present a complete financial plan for the city for the ensuing fiscal year. The proposed budget shall be arranged to show comparative figures for revenues and expenditures for the preceding year and for the current year, and the city manager's recommendations for the ensuing year. It shall also include a plan for proposed capital improvements. As a part of the proposed budget the city manager shall also present his budget message.