State Act

THE KARNATAKA MUNICIPAL CORPORATIONS ACT, 1976.

167. Budget estimates to be prepared by the standing committee for 1[taxation, finance and appeals]1 2[or as the case may be, standing committee for taxation and finance]2.- (1) The standing committee for 1[taxation, finance and appeals]1 2[in the case of corporations other than the 3[Bruhat Bangalore Mahanagara Palike]3 and the standing committee for taxation and finance in the case of 3[Bruhat Bangalore]2 Mahanagara Palike]3 shall, on or as soon as may be, after the fifteenth day of January consider the estimates and proposals of the Commissioner and after having obtained proposals, if any, of other standing committees and such further detailed information, if any, as it shall think fit to require from the Commissioner and having regard to all the requirements of this Act, shall prepare therefrom, subject to such modifications and additions therein or thereto as it shall think fit, a budget estimate of the income and expenditure of the corporation for the next year. (2) In such budget estimate, the standing committee shall,- (a) provide for the payment, as they fall due of all instalments of principal and interest for which the corporation may be liable on account of loans; (b) provide for the payment as it falls due, of any amount towards contributions, fees or such other amounts as may be payable by the corporation to the Government; (c) allow for a cash balance at the end of the year of not less than one lakh of rupees under General Account Revenue. (3) The Commissioner shall cause the budget estimate as finally approved by standing committee, to be printed and shall, not later than the first day of February, forward a printed copy thereof to each councillor.