Budget estimates to be prepared by the standing committee for taxation, finance and appeals or as the case may be, standing committee for taxation and finance

(1) The standing committee for taxation and finance and appeal shall, on or as soon as may be, after the fifteenth day of January consider the estimates and proposals of the chief Commissioner and after having obtained proposals, if any, of other standing committees and such further detailed information, if any, as it shall think fit to require from the chief Commissioner and having regard to all the requirements of this Act, shall prepare there from, subject to such modifications and additions therein or thereto as it shall think fit, a budget estimate of the income and expenditure of the corporation for the next year. (2) In such budget estimate, the standing committee shall,- (a) provide for the payment, as they fall due of all instalments of principal and interest for which the corporation may be liable on account of loans; (b) provide for the payment as it falls due, of any amount towards contributions, fees or such other amounts as may be payable by the corporation to the Government; (c) allow for a cash balance at the end of the year of not less than Rs. 1,00,000 under General Account Revenue. (3) The Chief Commissioner shall cause the budget estimate as finally approved by standing committee, to be printed and shall, not later than the first day of February, forward a printed copy thereof to each councillor.