Section 20(5) in Bihar Urban Local Body (Community Participation) Rules, 2013
(5)Functions and Duties of the Ward Finance Committee. - (i) The Ward Finance Committee shall prepare the annual budget for the Ward and place it before the meeting of the Ward Committee which will deliberate upon, and approve the budget. The Budget shall be presented by the Ward Finance Committee within seven months from the closure of the previous financial year.(ii)The Ward Finance Committee shall also maintain Ward-level bank accounts for all the receipts and expenditure on activities of the Ward.(iii)The Ward Finance Committee shall ensure that all funds transfers from this account shall be made out to appropriate account heads of the municipality.(iv)The Ward Finance Committee shall present accounts every 3 months at the meeting of the Ward Committee.(v)The Ward Finance Committee shall prepare a quarterly report of the financial transactions of the Ward Committee, which shall include details of its receipts and expenditures and also its projections and suggestions for the next quarter. This report shall be made available to every member of the Ward Committee one week prior to the designated meeting for discussion of the report.(vi)The report of the Ward Finance Committee shall be made available for public scrutiny.
