State Act

The Mumbai Municipal Corporation Act.

126B. Budget estimate to be prepared 17[Brihan Mumbai Electric Supply and Trasport Committee].— (1) 18[The Brihan Mumbai Electric Supply and Transport Committee] shall, on or as soon as may be after each tenth day of October, consider the estimates of 1[the General Manager and, after having obtained from the General Manager] such further detailed information, if any, as it shall think fit to require, and having regard to all the requirements of this Act, shall frame therefrom, subject to such modifications and additions therein or thereto as it shall think fit, a budget estimate, to be called budget estimate “C”, of the income and expenditure for the next official year to be received and incurred in respect of the 2[Brihan Mumbai Electric Supply and Transport Undertaking]. (2) In budget estimate “C” 3[the Committee] shall— 4[(i-a) propose, subject to the provisions of the Motor Vehicles Act, 1939 (IV of 1939), the Electricity (Supply) Act, 1948 (LIV of 1948), and any other enactment for the time being in force and of any licence granted to the Corporation thereunder the levy of fares and charges for the conveyance of passengers and for the carriage of goods by any means of transport provided, and for charges for the supply of electrical energy, by the 5[Brihan Mumbai Electric Supply and Transport Undertaking] at such rates as would in the opinion of 6[the Member-in-charge] bring in adequate revenue for meeting the proposed expenditure and for complying with the provisions of the next succeeding clauses of this sub-section;] (a) provide for the payment, as they fall due, of all sums and of all installments of principal and interest for which the corporation may be liable under this Act by reason of the acquisition, extension, administration, operation and maintenance of the 7[Brihan Mumbai Electric Supply and Transport Undertaking]; (b) allow for the amounts to be transferred during the next ensuing official year to the municipal fund as provided in sections 460KK and 460LL; and (c) allow for a cash balance at the end of the said year of not less than one lakh of rupees. 8[(3) The General Manager shall lay budget estimate ‘C’ as framed by the Brihan Mumbai Electric Supply and Transport Committee before the Standing Committee on or before each first day of December and the Standing Committee shall prepare a report to the Corporation thereon, incorporating the remarks and recommendations, if any, of the Standing Committee. (4) The Municipal Secretary shall cause budget estimate ‘C’ and the report of the Standing Committee thereon to be printed and shall, not later than the 31st day of December, forward a printed copy thereof to the usual or last known local place of abode of each councillor.]