(1) The Chief Executive Officer shall prepare, every year, in such form as the committee may by by-laws made for the purpose determine, an annual budget estimate in respect of the financial year next ensuing showing the estimated receipts and disbursement or income and expenditure of the committee, the estimated opening and closing balance of the Market Fund and special funds, if any, and shall submit it to the committee before the thirty-first day of January for approval.
(2) The committee shall adopt the budget estimate with such modifications as it may consider necessary by the first day of March.
(3) The Chief Executive Officer shall before the fifth day of March forward to the Metropolitan Commissioner for his approval copies of the budget prepared by him and the budget approved by the committee.
(4) If the committee for any reason, fails to adopt the budget by the first day of March, the Chief Executive Officer shall, before the fifth day of March, submit the budget prepared by him to the Metropolitan Commissioner for approval.
(5) The Metropolitan Commissioner shall approve the budget with such modifications as he may consider necessary before the 31 day of March.
(6) The Chief Executive Officer shall forwards a copy of an approved budget to the State Government.