Amendment status not verified — confirm the current text below against the official source.
The Corporation shall constitute such of special special fund? as may be prescribed and such tunds. funds as may be necessary for the purposes of tW Act. The constitution and disposal of such funds shall be effected in the manner prescribed* 89 CHAPTER VIII BUDGET ESTIMATES Estimates of Commissioner in consultation with the expenditure Mayor shall, on or before the 15th day of December and income each year, prepare and submit to the Standing Finance to be pre- Qo m m ittee in such form as the Corporation mav pared annua-r r ' ly by the from time to time approve— Commi ssioner. (a) an estimate of the expenditure which should in his opinion be incurred by the Corporation in the next year ; (b) an estimate of all balances if any, which will be available for re-appropriation or expenditure at the commencement of the said year ; (c) a statement of the proposals as to taxation which it will, in his opinion, be necessary or expedient to impose under this Act in the said year ; (d) an estimate of receipt from all sources during the said year ; and (e) an estimate of loans to be raised for the purposes of this Act. Framing of ^ 0 . (1) The Standing Finance Committee shall Budget Esti- on or. as soon as may be after the 15 th day of December mates. each year consider the estimat s ard proposals, sub mitted under section 119 and after calling for such further detailed information as it shall think fit from the Commissioner and having regard to all the re quirements of this Act shall, on the basis of such estimates and proposals, frame, subject to such modifications or additions thereto as it may think fit. Budget Estimates of the income and expenditure of the Corporation for the next year. 9 (2) The Commissioner shall cause the Budget Estimates as finally approved by the Standing Finance Committee to be printed and shall not later than the 15 jh day of February forward a printed copy thereof to each Councillor. (3) The Budget Estimates prepared by the Standing Finance Committee shall be laid before the corporation on the 19th February or as soon as possible 90 thereafter and the Corporation shall consider the same. It may refer tbe estimates back to the Standing Committee for further consideration and re-submission within a specified time and shall on or before the 22nd day of March in each year adopt Budget Estimates of the income and expenditure for the next year. (4) In the Budget Estimates the Corporation shall among other things— (a) make adequate and suitable provisions for such of the several duties imposed by this Act; (b) provide for the payment of all instalments of the principal and interest as they fall due for which the Corporation may be liable in respect of loans contracted by it ; (c) allow for a closing balance at the end of the year of not less than one lakh rupees as prescribed by rules. Power of