Readjustment of income and expenditure to be made by the corporation during the course of official year whenever necessary

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Chapter VI FINANCE

Statutory text

(1) If it shall at any time during any year appear to the council, upon the representation of the standing committee on taxation and finance that, notwithstanding any reduction of budget grants that may have been made under section 192, the income of the municipal fund during the official year will not suffice to meet the expenditure in the budget estimate of the said year, and at the close of the year a cash balance of not less than one lakh and fifty thousand rupees under General Account-Revenue is not likely to be secured, it shall be incumbent on the council to diminish the sanctioned expenditure of the year as far as it is possible so to do with due regard to all provisions of this Act, or to have recourse to supplementary taxation, or to adopt both of these expedients as may be necessary to secure an estimated cash balance of not less than one lakh and fifty thousand rupees under General Account-Revenue at the close of the year.
(2) Whenever the council determines to have recourse to supplementary taxation in any year, it shall do so by increasing for the unexpired portion of the year the rate at which which any tax or duty is being levied, subject to the conditions, limitations and restrictions laid down in Chapter V.

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