Budgets

Budgets

1. (1) . The Finance Director shall, in each year, prepare a revenue budget for the next ensuing year and the succeeding two years showing the estimated income and expenditure and place it before the Board for adoption.
2. (2) . Every such budget shall, as far as practicable make provision for the due fulfilment of all the liabilities of the Board, and for the proper implementation of this Act.
3. (3) . Every such budget shall differentiate between capital and revenue, and capital funds shall not be used for revenue purposes.
4. (4) . Whenever the Board adopts a development plan under the provisions of this Act, the Finance Director shall prepare and place before the Board a capital budget covering a period of five years from the commencement of the plan and such budget may be reviewed and revised by the Board from time to time.
5. (5) . The Finance Director shall also prepare and place before the Board annually, a cash budget for the succeeding three financial years.
6. (6) . Save as otherwise provided in this section all budgets shall be in such form, shall contain such information and shall be prepared by such dates as may be prescribed.
7. (7) . The Board shall consider every budget so laid before it and shall sanction the same, either without modification or with such modification as it may deem fit.
8. (8) . Every such budget, as sanctioned by the Board, shall be submitted to the Government who may at any time within one month after receipt of the same,
   • (a) . approve the budget or
   • (b) . disallow the budget or any portion thereof, and return the budget to the Board for amendment, and if any budget is so returned to the Board, it shall forthwith proceed to amend it and shall resubmit the budget as amended to the Government who may then approve it.
9. (9) .