(1)Every [Municipality] [Substituted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] for which Primary Education Fund has been constituted under Section 362 shall submit to State Government through the Director of Public Instruction in such form and on or before such date in each year, as may be prescribed a budget for the ensuing year showing the income and expenditure relating so such Fund.