Time is money, the Cambridge city council decided last night.

The council raced through its scheduled agenda in less than two hours at last night's meeting so that Mayor Anthony D. Galluccio could leave to attend the Cambridge school board budget meeting.

As mayor, Galluccio also chairs the school board, which met last night to discuss budget appropriations.

As part of the light agenda covered, City Manager Robert W. Healy formally submitted the proposed budget for fiscal year 2001.

The budget proposal will be discussed in public finance committee meetings over the next month before its likely approval on May 15.

It will be available on the city's website today, according to Councillor Michael A. Sullivan.

The council also approved an order calling for a timeline for choosing a site for a new, expanded main library for the city.

Last Thursday, the council held a special meeting to discuss the proposed library, presenting cost assessments and location analyses for four possible sites.

Architectural drawings were also presented at the well-attended meeting Thursday.

"These are not final designs," Healy said during the presentation. "These are only conceptual."

One proposed site is directly across the street from City Hall, where the Cambridge post office and a branch of the YMCA currently reside.

The others are located in Central Square, at 65 Prospect Street near Central Square and at the site of the current main library on Broadway next to Cambridge Rindge and Latin School.

"Those are the sites we have the most information on," said Councillor Marjorie C. Decker after yesterday's meeting.

Decker said the council hopes the decision will be made soon.

"We all want to get this done by the end of the spring," Decker said. "That's our commitment."