Annual estimate of income and expenditure.-

1. (1) The Chief Municipal Officer shall, on or before the first day of January each year, cause in the prescribed form and manner, to be prepared and laid before the finance committee and if there is no finance committee before the President-in-Council an estimate of the income and expenditure of the Council for the next financial year.
2. (2) The finance committee or the President-in-Council as the case may be, shall, as soon as may be, consider the budget estimates prepared by the Chief Municipal Officer and make such

modifications and additions there to as it shall think fit and submit the same to the Council not

later than the thirty-first day of January.

1. (3) the Council shall, as soon as may be consider the budget estimates as submitted by the Finance Committee or the President-in-Council as the case may be, and may adopt them without

any change or subject to such alternations as it may deem expedient and shall forthwith submit

the copies of the budget estimates as adopted by it to the prescribed authority and the State Government: Provided that no estimates shall be approved unless provisions is made there in for the council having at its credit at the end of the year a balance of not less than such amount as may be prescribed in this behalf.

The Madhya Pradesh* Municipalities Act, 1961

*छ-ग- राजपत्र दिनााँक 24-08-2001 के अदिसूचना क्रमाांक 2458/2001 दिनााँक 30-06--2001 के अनुसार "म-प्र." के स्थान पर "छ.ग."।

Provided further that if for any reasons the budget estimates could not be finally adopted by

the Council before 31 st day of March, as budget estimates.

1. (a) recommended by the Finance Committee or the President-in-Council as the case may be, or
2. (b) prepared by the Chief Municipal Officer, if the Finance Committee or President-in-Council has not considered the budget estimates, shall be deemed to be the budget estimates finally adopted by the Council until then estimates are so adopted. Provided also that if, in the opinion of the State Government, the condition of indebtedness of any Council is such that it is desirable to have control of the State Government over its budget the State Government may direct that the budget of such Council shall be subject to the prior sanction of the State Government and the power to vary or alter budget grants under section 117 and 118 shall be subject to such conditions as may be prescribed.