Estimates of expenditure and income to be prepared annually by the commissioner

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Chapter VI FINANCE

Statutory text

(1) The commissioner shall, in consultation with the heads of departments of the corporation prepare and submit to the standing committee on taxation and finance on or before the 1st January each year, a budget containing a detailed estimate of income and expenditure for the ensuing year, and if it is in his opinion necessary or expedient to vary taxation or to raise loans, shall, submit his proposals in regard thereto; and the standing committee on taxation and finance shall in consultation with the other standing committees consider and finalise the budget estimate and submit the same with its recommendations, if any, to the council on or before 20th January of the year.
(2) In such budget estimate the commissioner 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) allow for a cash balance, at the end of the year, of not less than one lakh and fifty thousand rupees under General Account-Revenue ;

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