Vidhi Codex

section 87

Preparation of budget estimates.

The City of Panaji Corporation Act, 2002
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Chapter VIII Chapter VIII

Statutory text
  1. (1) The Commissioner shall on or before the tenth day of January each year, cause to be prepared and laid before the Standing Committee, in such form as may be prescribed and in such manner as the Standing Committee may approve, budget estimates of the income and expenditure of the municipal fund for the next financial year.
  2. (2) Such estimate shall—
    • (a) provide for the repayment of all loans with interest due thereon, for the repayment of which the Corporation is liable;
    • (b) provide for the discharge of liabilities imposed on the Corporation by sub-section (1) of section 3;
    • (c) provide for the payment in convenient installments from the municipal fund of an amount equal to the grant assigned for education;
    • (d) allow for a cash balance at the end of the said year of not less than such sum as may be prescribed by the State Government.
  3. (3) The Standing Committee shall, on or as soon as may be after the tenth day of January, consider the budget estimates prepared by the Chief Executive Officer and make such modifications and additions thereto as it shall think fit and submit the same to the Corporation not later than the fifteenth day of February;
  4. (4) The Corporation shall finally adopt the budget estimates before the beginning of the financial year to which they relate and shall forthwith submit copies thereof to the State Government: Provided that if for any reason the Corporation has not finally adopted the budget estimates before the commencement of the financial year to which they relate, the budget estimates as prepared by the Commissioner shall be deemed to be the budget estimates for that financial year until action has been taken by the Corporation: Provided further that if the Corporation becomes indebted to the Government, the adoption of budget estimates under this sub-section shall be subject to confirmation by the State Government.

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