Consolidated Fund of the State as recommended by the State Finance Commission, constituted under the provisions of this Act, and as approved and notified by the State Government.

Budget of the Gram Panchayat — Every Gram Panchayat shall, at such time and in such manner as may be prescribed, prepare in each year, corresponding to the financial year of the State Government, a budget of its estimated receipts and disbursements for the following year and shall get it approved in its meeting by a majority of members present and for which the quorum shall be not less than fifty per cent of its total numbers of members.