[(1) The Chief Executive Officer or in his absence the Financial Controller or such officer, as may be specially or generally authorised in this behalf, by the Authority shall, at a special meeting to be held not later than 31 March in each year, lay before the Authority, the budget estimates of the Authority for the next year.]
(2) Every such budget estimates shall be prepared in such form as the State Government may, from time to time by order, determine, and shall provide for,-
(i) the proposals, plans and projects which the Authority proposes to execute whether in part or in whole during the next year ;
(ii) the due fulfilment of all the liabilities of the Authority ; and
(iii) the implementation of the provisions of this Act ;
and such estimates shall contain a statement showing the estimated income and expenditure on capital and revenue accounts, for the next year and such other particulars indicating the financial performance of the Authority as the State Government may direct. The budget shall clearly reveal the financial outlay and performance.
(3) The Chief Officer of every Board shall prepare annually on or before such date and in such form as the State Government may from time to time by order determine a budget estimate of the income and expenditure of the Board for the next year relating to the proposals, plans or projects to be undertaken or continued or executed from the funds of the Authority.
(4) Every Board shall, as soon as may be, after the said date consider the budget estimates so prepared and approve the same with or without modifications and forward it to the Authority for the inclusion thereof in the budget estimates of the Authority before such date as the State Government may, from time to time by order, determine.