Each agency transacting any business and exercising any powers shall annually submit to the legislative body of the community a proposed budget of its administrative expenses. The budget is subject to changes as the legislative body may prescribe, and its preparation and adoption, and the adoption of any changes in the budget, shall be subject to the same rules which are applicable to other agencies and departments of the community which are subject to budgetary control. No adoption is effective unless it is concurred in by the membership of the legislative body.
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