Amendment status not verified — confirm the current text below against the official source.
(1) The Corporation shall, on or before the 31st day of March in each year, adopt for the ensuing year a budget estimate of the income and the expenditure of the Corporation to be received and incurred on account of the Municipal government of the Corporation area. (2) The budget estimate shall state the rates at which various taxes, cesses and fees shall be levied by the Corporation in the year next following. (3) The budget estimate shall state the amount of money to be raised by the Corporation as loan during the year next following. (4) The Mayor shall present the budget estimate to the Board of Councillors at a meeting on the 15th day of February in each year or as soon as possible thereafter. Approval of State Government in respect of work etc. estimated to cost more than rupees twenty-five lakhs. Payment not to be made out of Municipal Fund unless covered by budget grant. Procedure when money, not covered by budget grant, is paid. PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 29, 2008 49 The West Bengal Municipal Corporation Act, 2006. Financial assistance by State Government. Power of Corporation to raise loan. Limit to power to raise loan. Power of Corporation to open credit account with bank. Repayment of loan. (Part 111.—Finance.—Chapter VIL—Municipal Fund, Budget, Loans, Accounts and Audit.—Sections 70-74.) (5) The budget estimate shall be prepared, presented and adopted in such or, and in such manner, and shall provide for such matters, as may be prescribed. (6) The Corporation shall prepare the revised budget estimate for a year along with the budget estimate for the next year in such manner as may be prescribed.