On the first Monday in October of each year the mayor shall provide the council with current information on estimates of revenues from all sources as adopted in the budget for the current year, together with estimates submitted by the clerk under Ch. 95, Sec. 5, Law of 1969, First Ex. Sess., as codified at RCW 35.33.051. On the same day at eight p.m. the council and the mayor shall meet and consider the city’s total anticipated financial requirements for the ensuing fiscal year, and the council shall determine and fix by ordinance the amount to be raised by ad valorem taxes.