N.Y. Village Law § 17-1728
In every such town, the town board shall annually, during the month of December, or such other date as may be applicable pursuant to section 17-1729 of this article, prepare and file with the clerk of such village an itemized statement in writing of the estimated revenues and expenditures of such town for the period ending with the next ensuing fiscal year of such village and such itemized statement shall be included by the board of trustees of such village in its next annual estimate, and the amount thereof as finally allowed and determined by the said board of trustees shall be included in the budget of the said village for the said ensuing fiscal year, and included in the general village tax levied during the said year and the several sums estimated for expenditures therein and the several sums therein enumerated as estimated revenues shall be and become applicable in the amounts therein named for the purpose of meeting such appropriations.
N.Y. Village Law § 17-1728