Preparation of budget estimate of municipality

(1) The Municipal Commissioner or the Executive Officer shall prepare in each year a budget estimate along with an establishment schedule of the municipality for the ensuing year, and such budget estimate shall be an estimate of the income and expenditure of the municipality. (2) Subject to the provisions of sub-section (2) of section 99, the budget estimate shall separately state the income and the expenditure of the municipality to be received and incurred in terms of the various heads of accounts. (3) The budget estimate shall state the rates, at which various taxes, surcharges, cesses and fees shall be levied by the municipality in the ensuing year. (4) The budget estimate shall state the amount of money to be raised as loan during the ensuing year. (5) The Mayor and the Chairperson shall present the budget estimate to the Standing Committee before the fifteenth day of February in each year. (6) The budget estimate shall be prepared, presented and adopted in such form and in such manner, and shall provide for such matters, as may be prescribed. (7) The annual statements prepared under sub-section (1) of section 117 and sub-section (2) of section 131 together with the reports prepared under sub-section (1) of section 107 and under sub-section (2) of section 329 shall be enclosed with the budget estimate.