Amendment status not verified — confirm the current text below against the official source.
(1 ) The Local Self-Government shall take suitable measures to ensure greater transparency in its fiscal operation and in the preparation of the annual budget. For this purpose every Local Self-Government shall ensure preparation and finalization of annual’budget for each financial year commencing from 1st April and ending on 3 1st March. (2 ) Provision shall be made for meetings at such intervals and»with citizen forums as may be prescribed to review the operations and finances off the Local Self-Government. (3 ) In particular, and without prejudice to the generality of the foregoing provisions, Local Self-Government shall, at the time of presentation o f the annual budget, disclose in a statement in such form as may be prescribed, - (a) significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of fiscal indicators; (b) as far as practicable and consistent with protection of public interest, the contingent liabilities created by way of guarantees and the actual liabilities arising out o f execution of works by external agencies where liability for repayment is on the Local Self-Government; (4 ) The State Government shall ensure that such contingent liabilities are communicated to the concerned Local Self-Government so that it shall make sufficient provision in its budget.