Budget estimates to be prepared by Standing Committee.

(1) The Standing Committee shall consider the estimates and proposals of the Commissioner and after having obtained from the Commissioner such further detailed information, if any, as it shall think fit to require, and having regard to all the requirements of this Act, shall frame therefrom subject to such modifications and additions therein or thereto as it thinks fit a Budget Estimate to be called “budget estimate” ‘A’ of the income and expenditure of the Corporation other than the income and expenditure in respect of the Transport Undertaking for the next official year. (2) In budget estimate “A” the Standing Committee Shall (a) propose with reference to the provisions of Chapter XI such rates and extent of municipal taxes as it thinks fit; (b) allow for the appropriation to any special fund of the sum estimated by the Commissioner, revised as it thinks proper; (c) provide for payment, as they fall due, of all sums and of all instalments of principal and interest for which the Corporation may be liable under this Act other than sums and instalments of principal and interest for which the Corporation may be liable by reason of the acquisition, extension, administration, operation and maintenance of the Transport Undertaking ; (d) provide for such expenditure, if any, as it considers necessary to defray from the balance in any special fund ; (e) allow for a cash balance at the end of the said year exclusive of the balance, if any, of any special fund of not less than one lakh of rupees or such smaller amount as the 1[State] Government may from time to time approve. (3) The Commissioner shall cause the budget estimate framed by the Standing Committee to be printed and shall, by such date as the Corporation may from time to time prescribe, forward a printed copy thereof to the usual or last known local place of abode of each councillor. (4) The budget estimate framed by the Standing Committee shall be laid before the Corporation and it shall proceed to consider the same within fifteen days of the date referred to in sub-section (3).