Section 173(1) in Karnataka Municipal Corporations Act, 1976
(1)If it shall at any time during any year appear to the corporation upon the representation of the standing committee for [taxation, finance and appeals] [Substituted by Act 35 of 1994 Notification bringing it into force not available.] [or as the case may be, standing committee for taxation and finance] [Inserted by Act 27 of 1998 w.e.f. 21.11.1998.], that, notwithstanding any reduction of budget grants that may have been made under section 172, the income of the corporation fund during the said year will not suffice to meet the expenditure sanctioned in the budget estimate of the said year and to leave at the close of the year a cash balance of not less than one lakh of rupees under General Account-Revenue, it shall be incumbent on the corporation either to diminish the sanctioned expenditure of the year, so far as it may be possible so to do with due regard to all the requirements of this Act, or to have recourse to supplementary taxation, or to adopt both of these expedients in such measure as may be necessary to secure an estimated cash balance of not less than one lakh of rupees under General Account - Revenue at the close of the year.
