The statement referred to in sub-section (2) of section 119 shall be with the budget estimate.

Sanction of the budget estimate,—

1. (1) The Municipality shall consider the budget estimate, and adopt for the ensuing year the budget estimate with such changes, as it may consider necessary, not later than fifteenth day of February of that year and submit the budget estimate so adopted to the Government. (2) If the budget estimate is not adopted by the fifteenth day of February of that year, the Chief Officer of the Municipality shall submit the budget estimate to the Government.
2. (3) The budget estimate received by the Government, under sub-section (1) or sub-section (2), shall be returned to the Municipality before the thirty- first day of March of that year after sanction with or without modifications.