(1) The Chairman shall place at every annual meeting a Budget Estimate, in such form as may be prescribed by rules, showing the anticipated income and expenditure of the Vidyalaya during the financial year in which the annual meeting is held.
(2) The Budget Estimate shall, after confirmation by the Governing Body, be forwarded to the State Government within such time as may be prescribed by rules.
(3) (a) The State Government shall, within three months of the receipt of the Budget Estimate, either accord its approval to the same or return it to the Vidyalaya with such comments and suggestions as it may deem necessary if, in its opinion, such Estimate— is not reasonably accurate with reference to ascertainable facts or shows a deficit in its closing balance;
(ii) includes new items of recurring expenditure which are likely to impose upon the Vidyalaya in the future financial liabilities which the Vidyalaya is not likely to be able to meet from its income; and
(iii) includes provisions for expenditure which are not in accordance with the provisions of this Act.
(b) If the Budget Estimate is returned under clause (a), the Governing Body shall consider the comments and suggestions made by the State Government and may, if it thinks fit, revise the said Estimate. The Governing Body shall, then, submit the Budget Estimate as so revised to the State Government or the Governing Body shall, if it does not think fit to revise the Estimate, submit it in its original form to the State Government within one month of receiving it together with its replies on the comments and suggestions made by the State Government.
(c) If the State Government does not approve the Budget Estimate as revised by the Governing Body or if the Budget Estimate is returned by the Governing Body without revision, the State Government may amend the Budget Estimate by making—
(i) such modifications as are, in its opinion, necessary to render the Estimate reasonably accurate with reference to ascertainable facts or to balance the income and the expenditure,
(ii) additions, alterations or modifications in any provision relating to new expenditure of a recurring nature,
(iii) any alterations or modifications in any provision for expenditure which, in its opinion, is not in accordance with the provisions of this Act,
(i) 108 The Rabindra Mukta Vidyalaya Act, 2001.
XI of 2001.]
(Chapter W.—Finance and Audit.—Sections 27-29.)
and shall forward the Budget Estimate as so amended to the Vidyalaya, and the Budget Estimate so returned shall be the Budget Estimate of the Vidyalaya for the relevant financial year.
(d) If the State Government does not accord its approval to the said Estimate within three months of receipt thereof by that Government for such approval or within three months of re-submission thereof by the Governing Body with or without revision, the said Estimate shall be deemed to have been approved by the State Government.
27. The State Government may, after considering the Budget Estimate, the accounts of the Vidyalaya and such revision of the Budget Estimate as it may think necessary, make such annual or periodical grant to it as it may think fit, provided that on the establishment of the Vidyalaya and before the first Budget Estimate is forwarded to the State Government, the State Government may, after considering such report as it may call for from the Vidyalaya, make such initial grant to the Vidyalaya as may be considered necessary.