The trustees shall adopt the budget with or without amendments on or before the 15th day of February. If it fails to adopt the budget by this date, the amounts appropriate for current operation for the previous fiscal year shall be deemed adopted for the ensuing fiscal year on a month-to-month basis with all items in it prorated accordingly, until such time as the Board of Trustees adopts a budget for the ensuing fiscal year or until the Village meeting adopts a budget.