Section 137 in The Orissa Municipal Corporation Act, 2003
137. Annual Budget of the Corporation.
(1)The Commissioner shall; in consultation with the Heads of Departments of Corporation, prepare and submit to the Standing Committee on Taxation, Finance and Accounts on or before the 1st day of January, each year, a budget containing a detailed estimate of income and expenditure for the ensuing year, and if he is of the opinion that it is necessary or expedient to vary the taxation or to raise loans, he shall submit his proposals in regard thereto and such Standing Committees shall, in consultation with other standing committees finalise the budget estimate and submit the same with its recommendations, if any, to the Corporation on or before the twenty eighth day of January each year.(2)In such budget estimate the Commissioner shall -(a)provide for the payments as they fall due of all instalments of the principal and interest for which the Corporation may be liable on account of loans;(b)all for a cash balance, at the end of the year, of not less than one lakh and fifty thousand rupees under General Account-Revenue; and(c)allow for the allotment from General Account-Revenue of the Corporation such sum not exceeding ten percent of the total amount at credit on the said account as is considered necessary for such expenditure which is of a capital nature.Provided that no such allotment from the General Account-Revenue of the Corporation shall be made by the Commissioner in case where the said account of the year immediately preceding the year for which such allotment is proposed discloses a deficit balance :Provided further that in all cases where allotment of any sum exceeding ten percent of the total amount at credit in the General Account-Revenue of the Corporation is considered necessary, the Commissioner shall obtain prior approval of the Government for such allotment.(3)The Commissioner shall cause the budget estimate as finally prepared by the Standing Committee on Taxation, Finance and Accounts to be published not later than the 1st day of February and shall, not later than the said date forward a printed copy thereof to each Corporator.
