(1)Every [Municipality] [Substituted by U.P. Act No. 12 of 1994.] shall have prepared, and laid before it, at a meeting to be held in every year before such date as is fixed by rule in this behalf, a complete account of the actual and expected receipts and expenditure for the year ending on the thirty-first day March next following such date together with a budget estimate of the income and expenditure of the [Municipality] [Substituted by U.P. Act No. 12 of 1994.] for the year commencing on the first day of April next following.(2)Subject to the provisions of Section 102 the [Municipality] [Substituted by U.P. Act No. 12 of 1994.] shall at such meeting decide upon the appropriations and the ways and means contained in the budget estimate and by special resolution, sanction a budget, which shall be submitted to the State Government or to such officers as the State Government by order directs in this behalf.(3)Subject to the like provisions of the [Municipality] [Substituted by U.P. Act No. 12 of 1994.] may vary or alter, from time to time, as circumstances may render desirable, by special resolution, the budget sanctioned under sub-section (2).
