Preparation of the corporation budget

(1) Every zonal committee shall submit a budget estimate to the Mayor which shall comprise of the required budgetary support for the implementation of the existing schemes, list of capital expenses, required manpower and such other expenses for the purposes of effective implementation of this Act within a particular zone. (2) No zonal committee shall submit a budget estimate to the mayor without consulting with the ward committees and considering its recommendations. (3) The ward committees shall prior to making its recommendations to the zonal committees organize such public consultations as necessary. (4) The format and process for submission of zonal committee budgets estimate shall be as specified. (5) The chief commissioner shall prepare a budget estimate for the Corporation upon considering the budget estimates from all the zonal committees. (6) The budget estimate shall state the following,- (a) The receipts and payments for the previous financial years and expected receipts and payments for the upcoming financial year; (b) Compliance to the medium term fiscal plan; (c) Rates at which various taxes, surcharges, cess and fees that shall be levied by the Corporation for the immediately succeeding financial year; and (d) The amount of money to be raised as a loan amount of money allocated to each zonal committee and the basis for the utilization of such amounts. (7) 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.