Budget of the Authority

(1) The Authority shall prepare in such form and at such time, every year, as may be prescribed, a budget in respect of the financial year next ensuing, showing the estimated income and expenditure of the Authority and shall forward to the Government such number of copies, as may be prescribed. The financial year of the Authority shall begin on 1st April of each year and end on 31st March of the succeeding year, except that the first financial year of the Authority shall begin on the date of constitution of the Authority and shall end on 31st March of the succeeding year.

(2) The Authority shall maintain proper accounts and such other relevant records of its transactions and affairs and shall do all things necessary to ensure that all payments out of its moneys are properly authorized and that adequate control is maintained over the assets of, or in the custody of, the Authority and over the expenditure incurred by the Authority. The Authority shall prepare an annual statement of accounts including the balance sheet in such form as may be prescribed by the Government.

(3) The accounts of the Authority shall be subject to audit annually by the Accountant General of the State and any expenditure incurred by him in connection with such audit shall be payable by the Authority to the Accountant General as fixed by the Government.

(4) The Accountant General or any person as may be appointed by him in connection with the audit of accounts of the Authority shall have the same rights, privileges and authority in connection with such audit as the Accountant-General has in connection with the Government accounts and in particular shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the office of the Authority.

(5) The accounts of the Authority as certified by the Accountant General or any other person so authorized by him in this behalf, together with the audit report thereon, shall be forwarded annually to the Government, and the Government shall cause a copy of the same to be laid before the State Legislature.