Amendment status not verified — confirm the current text below against the official source.
[(1) The Standing Committee concerned shall by considering the estimate and proposals of the Secretary and the officials dealing with the respective subjects concerned submit their proposals to the Standing Committee for finance and after considering those proposals and all the requirements of this Act the Standing Committee for finance shall prepare budget estimate of the receipts and expenditure of the Municipality for the next year.] (2) The budget estimate under sub-section (1) shall- (a) provide for the payment, as they fall due, of all instalments of principal and interest for which the Municipality may be liable on account of loans; and (b) allow for a cash balance at the end of the year of not less than 65A[five per cent] of the revenue of the Municipality. Sub-section (1) substituted by Act 14 of 1999, w.e.f. 24-3-1999. Prior to the substitution sub-section (1) read as under: "(1) The Standing Committee concerned shall, subject to the compliance of the requirement specified in section 285, as soon as after the fifteenth day of January, consider the estimates and proposals of the Secretary and having regard to all the requirments of this Act frame therefrom a budget estimate of the receipts and expenditure of the Municipality for the next year." Substituted by Act 8 of 1995, w.e.f. 5-8-1995.