(1) The Council shall prepare and lay before it at a meeting to be held in every year before such date, as may be prescribed a complete account of the actual and abstracted receipts and expenditure for the year ending on 31st day of March next following such date together, with a budget estimates of the income and expenditure of the Council for the year commencing on the first of April next following.
(2) The Council shall at such meeting decide upon the appropriations and the ways and means contained in the budget estimate and submit the budget for approval to the Government, or to such authority, as the Government may, by order, direct.
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(3) Subject to the like provisions, the Council may suggest variation or alteration in the budget, as circumstances may render desirable.