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The Budget Parameter Committee, prior to July 1st of each year, shall: prepare a report(s) showing the number, title, compensation range of each officer, and each position in the City service, and the proposed appropriation for the same recommended for the ensuing year, set budget parameters for the upcoming year, set the schedule of public meetings at which the Board of Estimates will discuss the department estimates filed with the secretary, determine the place and time of the public hearing of the Common Council on the proposed budget, and provide the budget parameters, compensation report and other pertinent information to the secretary of the Board of Estimates who will provide them to each department. The Budget Parameters Committee shall consist of the members of the Finance & Personnel Committee and the Mayor.