Presentation of accounts.

Presentation of accounts. (1) The Chief Officer or the Municipal Commissioner shall, on or before the fifteenth day of January each year, prepare and submit to the municipal council a budget containing a detailed estimate of income and expenditure of the municipal council for the ensuing year commencing on the first day of April next following together with a complete account of the actual and expected receipts and expenditure for the official year ending on the thirty-first day of March next following. (2) The municipal council shall thereupon decide upon the appropriations, and the ways and means contained in the budget of the year to commence on the first day of April next following. The budget as passed by the municipal council shall be sent to the Government and a copy thereof sent simultaneously to the Director of Municipal Administration and in the case of town municipal areas to the Deputy Commissioner of the district also for information. (3) In such budget estimate, the municipal council shall among other things,— (a) make adequate and suitable provisions for such service as may be required for the fulfilment of the several duties imposed on the municipal council by this Act or any other law; (b) provide for the payment, as they fall due of all instalments of principals and interest for which the municipal council may be liable in respect of loans contracted by it; (c) provide for the payment of all sums payable to the Government under sections 366 and 367 and of all contributions for the maintenance of water supply, dispensaries, schools and other institutions or services managed by the Government on behalf of the municipal council and any other local authority or authorities. (d) allow for a balance at the end of the said year of not less than such sum as may be required to meet the establishment charges for a period of three months. (4) If the budget as submitted, fails to make adequate provisions for the matters specified in sub-section (3), the Government may modify any part of the budget so as to ensure that such provision is made. (5) The Government may also modify the budget or any part thereof so as to secure compliance with any of the provisions of this Act or of the rules made thereunder: Provided that in the case of a city municipal council the standing committee or any other committee appointed under this Act may, within the budget sanctioned under this section, sanction reappropriations not exceeding Rs. 500 from one sub-head to another or from one minor head to another minor head under the same major head and controlled by the same committee. A statement of such reappropriation shall be submitted to the municipal council at every quarterly general meeting.