Section 5 in Punjab Education Development Rules, 1999
5. Budget of the Board.
[Section-3 and 11(2)(a)] - (1) The Board shall meet in the 1st week of February every year to finalise the budge for the ensuing financial year.(2)The Budget finalised by the Board shall be submitted to the Government for approval by the 1st week of February preceding the year to which the budget relates.(3)No expenditure shall be incurred by the Board unless there is a provision in the budget to expend.(4)While preparing the budget estimates of the Board, the interest accrued on the Government Securities or any other amount deposited in any Scheduled Bank by the Board or the interest likely to be accrued on the Government securities or other deposits of the Board, shall also be taken into account.(5)All sums due to the Board shall be received by the Member Secretary and the same shall be deposited forthwith in a Scheduled Bank.(6)All payments shall ordinarily be made on behalf of the Board by cheque to be signed by the Member Secretary.(7)All funds of the Board will be utilised only for the purpose specified in section-8 of the Act. However, Board may decide if any deviation is to be made.
