(1) A Municipality may carry out a revaluation of its assets, with prior permission of the Director of Municipal Administration in any of the following cases:
(i) Commercial development of the fixed assets are taken up after the land use and architectural 56 control have been approved by the competent authority;
(ii) At the time of lease; or
(iii) At the time of issue of municipal bonds.
(2) Revaluation cannot be done for any particular asset. It shall be carried out for all the assets of the Municipality or at least for a complete class of assets of the Municipality.
(3) Any increase in value of the fixed assets due to revaluation shall be recorded in a ‘Revaluation Reserve’ account.
(4) The portion of depreciation on the re-valued asset which is attributable to revaluation can be set off against the revaluation reserve created above.
CHAPTER 16 PROCEDURE FOR ACCOUNTING ESTABLISHMENT COSTS
91. Sections of Establishment to be distinct - Pay bills shall be, as far as practicable, prepared distinctly based on functions as shown in the budget, using Function Codes prescribed in Schedule III