Preparation of budget estimate for Revenue Account of Municipality.

(1) The Chief Municipal Officer shall prepare in each year a budget estimate for Revenue Account along with an establishment schedule of the Municipality for the ensuing year, and such budget estimate shall be an estimate of the income and the expenditure of the Municipality under such account. (2) Subject to the provisions of sub-section (2) of section 39, the budget estimate shall separately state the income and the expenditure of the Municipality to be received and incurred under 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 year next following. (4) The budget estimate shall state the amount of money to be raised as loan during the year next following. (5) The Chief Councillor shall present the budget estimate to the Municipality on the thirty-first day of August 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 statement of any changes in the inventory of immovable property prepared under sub-section (2) of section 86 and the annual statement prepared under sub-section (I) of section 73 together with the reports prepared under sub-section (I) of section 51 on services provided at subsidized rate and sub-section (2) of section 230 on environmental status of the Municipalities shall be supplied with the budget estimate, and a copy of such annual statement shall also be sent to the State Government.