(a) General rule.--During the month of January following the expiration of a past fiscal year, in furthering its fiduciary responsibility, council may amend the budget and the levy and tax rate to conform to its amended budget ordinance. A period of 10 days' public inspection at the city clerk's office of the proposed amended budget ordinance, after notice by the city clerk to that effect is published in a newspaper of general circulation as provided in section 10109 (relating to publication of notices), shall intervene between council's introduction of the proposed amended budget ordinance and its enactment. Any amended budget ordinance must be enacted by council on or before February 15.

(b) Prohibition.--After introduction, no proposed amended budget ordinance shall be revised upward in excess of 10% in the aggregate or as to an individual item in excess of 25% of the amount of the individual item in the proposed amended budget ordinance.