Budget Estimate “B” to be prepared by Transport Committee.

(1) The Transport Committee shall consider the estimates of the Transport Manager and, after having obtained from the Transport Manager 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 shall think fit, a budget estimate, to be called, “budget estimate ‘B’ of the income and expenditure for the next official year to be received and incurred in respect of the Transport Undertaking. (2) In budget estimate ‘B’ the said Committee shall— (a) provide for the 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 by reason of the acquisition, extension, administration, operation and maintenance of the Transport Undertaking ; (b) allows for the appropriation to any special fund of the sum estimated by the Transport Manager, revised as it thinks proper; (c) allow for the amounts to be transferred during the next ensuing official year to the Municipal Fund as provided in sections 359 and 360; (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 Corporation may from time to time fix. (3) The Transport Manager shall lay budget estimite ‘B’ as framed by the Transport Committee before the Standing Committee on or before such date as the Corporation may from time to time fix in this behalf and the Standing Committee shall prepare a report to the Corporation thereon, incorporating the remarks and recommendations, if any, of the Standing Committee. (4) The Municipal Secretary shall cause budget estimate ‘B’ and the report of the Standing Committee thereon to be printed and shall, not later than such date as the Corporation may from time to time fix in this behalf, forward a printed copy thereof to the usual or last known local place of abode of each councillor.