(1)The budget estimate of a Municipality for a year shall be prepared in the prescribed form and presented before the Board of Councilors at a meeting, specially convened for the purpose, not later than the tenth day of March every year :Provided that no deficit shall be shown in the budget estimate so prepared.(2)The budget estimate for the ensuing year shall be adopted after discussion by the Board of Councilors within two weeks of presentation.(3)A copy of the budget estimate adopted by the Board of Councilors shall be sent to the Director of Local Bodies for information and shall be available for inspection by the members of the public in the manner prescribed.(4)A revised budget for the current year shall be framed in the prescribed form during the middle of the year and presented before the Board of Councilors for adoption after the first day of October, but not later than the thirty-first day of December, each year.(5)Notwithstanding anything contained in the foregoing provisions of this section, the State Government may, on the prayer of a Municipality, direct that the budget estimate, or the revised budget estimate. of a Municipality may be presented or adopted at a later date for reasons to be recorded in writing.
