(1)The estimates shall be accompanied by a brief explanatory memorandum.(2)The estimates shall be so prepared as to provide for a closing balance which a Market Committee shall maintain at its credit at the end of the year and the amount of which shall not be less than five per cent of its recurring annual income.(3)(a)The estimate of income shall be based on a comparison of the last three years' receipts. The estimate from market fees and other sources for which there is a fixed demand shall, however, be limited to the average of three years' actuals or to the year's demand plus a reasonable percentage of the recoverable arrears whichever is less.(b)The estimates of total expenditure shall not exceed the average of actual receipts of the previous three years or the estimated receipts of the market year whichever is less. The total provision of expenditure for recurring items shall not exceed the average of past three years' receipts on account of fixed demand or the estimated receipts for fixed demand of the year, if the fixed demand has been increased for that year.(4)The estimate of expenditure on fixed establishments as well as fixed monthly recurring charges on account of rent, allowances, etc. shall be made according to actual sanctioned scale, irrespective of savings, and shall provide for the gross sanctioned pay without deductions of income tax.(5)For contingent expenditure the estimates shall be based upon the average actual expenditure of the past three years, exclusive of any special items as if expenditure that may have been incurred during those years.(6)The amount of any grant from the State Government un-expanded at the beginning and end, respectively of the market year shall be shown separately in the estimated opening and closing balances. Such amounts, shall not be taken into consideration in determining whether closing balance exceeds the minimum balance prescribed.(7)The revised estimate for the current year shall also be shown in the budget and it shall be based on the actual receipts and expenditure ascertained at the time when the budget estimates for the ensuing year is prepared and the probable receipts and expenditure during the remaining portion of the year. The revised estimate thus arrived at shall then be compared with (i) the adopted or sanctioned budget estimate for the current year, and (ii) the budget estimate proposed for the ensuing year and all important variations between the adopted or sanctioned budget estimate for the current year and the budget estimate proposed for the ensuing year shall be explained in the explanatory note.
