(1) The Authority shall prepare every year, in such form and at such time as may be prescribed by rules, a budget in respect of the financial year next ensuing showing the estimated receipts and expenditure and shall forward to the State Government such number of copies thereof as may be prescribed by rules.
(2) The Budget prepared by the Authority, in so far as it does not demand any revenue contribution from the State Government, shall be final and can be accepted by the Authority without the prior approval of the State Government. However, the budget prepared by the Authority, to the extent it demands any revenue contribution from the State Government, shall be subject to the final approval by the State Government with such change or terms and conditions as the State Government may direct.