Amendment status not verified — confirm the current text below against the official source.
(1) The Chief Municipal Executive Officer/ Municipal Executive Officer shall prepare in each year a budget estimate along with an establishment schedule of the Municipality for the ensuing year, and such budget estimate shall be an estimate of the income and expenditure of the Municipality. (2) Subject to the provisions of section 10 and subsection (2) of section 75, the budget estimate shall separately state the income and the expenditure of the Municipality to be received and incurred in terms of the 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 15th day of February in each year or as soon thereafter as possible. (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 statements prepared under sub-section (2) of section 107 and sub-section (1) of section 1 19 together with the reports prepared under subsection(1) of section 85 and under sub-section (2) of section 278 shall be enclosed with the budget estimate.