146.(1) The [Municipal Commissioner] shall on or before the tenth day of December each year in the case of indebted [Corporations] cause to be prepared and laid before the Executive Committee in such form as may be prescribed and in such manner as the Executive Committee may approve budget estimates of the income and expenditure of the [Corporations] Fund for the next financial year.
(2) Such estimates shall --
(a) take into account loans and grants from Government ;
(b) provide for the repayment of all loans including loans taken from Government with interest due thereon, for the repayment of which the [Corporations] is liable;
(c) provide for the discharge of liabilities imposed on the [Corporations] by clause (b) of sub-section (1) of section 126 ;
(d) provide for the payment in convenient installments or lump sum from the [Corporations] fund of an amount equal to the grant assigned for education ;
(e) allow for each balance at the end of the said year of not less than such sum as may be prescribed by the state Government ;
(f) provide for a sum of money not exceeding five thousand rupees to be spent by the [Mayor] in his discretion on any one or more of the matters specified in section 114 or 115.
(g) provide the budget for the urban poor.
(3) The Executive Committee shall, on or as soon as may be after the tenth day of December or January, as the case may be, consider the budget estimates prepared by the [Municipal Commissioner] and make such modifications thereto as it shall think fit and submit the same to the 1Corporation not later than the fifteenth day of January following in the case of indebted 1Corporation and the fifteenth day of February in other cases.
(4) The [Corporations] shall finally adopt the budget estimates before March 1, if it is an indebted [Corporations] and before eth beginning of the year to which they relate, the budget estimates as prepared by the [Municipal Commissioner] or if the Executive Committee has submitted budget estimates under sub-section (3), such budget estimates shall be deemed to be the budget estimates for that year until action has been taken by the [Corporations] :
Provided that if for any reason the [Corporations] has not finally adopted the budget estimates before the commencement of the financial year to which they relate, the budget estimates as prepared by the [Municipal Commissioner] or if the Executive Committee has submitted budget estimates under sub-section (3), such budget estimates shall be deemed to be the budget estimates for that year until action has been taken by the 1Corporation :
Provided further that in the case of an indebted 1Corporation the adoption of budget estimates under this sub-section shall be subject to confirmation by the State Government.