THE KERALA MUNICIPALITY ACT, 1994* - nrcddp

293. Preparation of Budget and its approval.— (1) The Budget to be prepared by the StandingCommittee of each Municipality under section 286 shall be prepared and submitted before the Council inthe prescribed form and manner, and got approved with modifications as it deems fit.(2) The working balance shown in the budget should not be less than 5% of the currentyear's estimated receipts excluding the receipts from endowments Government grants,contributions and debt heads.(3) The estimated receipts should be detailed and real and apparent differences, if any, from theactual receipts of the last year should be accompanied by detailed notes and explanations.(4) It shall incuide necessary provision for all fixed charges and discharge of debts.(5) The Standing Committee shall, if it is found necessary during the course of a yearthat the estimates relating to its receipts or the expenditure in respect of the various servicesundertaken by it as shown in the Budget require modifications, prepare a supplementary orrevised Budget and lay it before the Council for approval.(6) While incurring expenditure, no amount other than those included in the currentbudget estimates shall be expended except under unavoidable emergent circumstances72 -[(7) No expenditure, out of the amount granted by the Government for the implementation of anyScheme, project or plan entrusted and delegated to the Municipality under this Act shall be incurredfor any other purpose including the implementation of any other scheme,project or plan.]294. Annual Financial Statement.— (1) The Secretary of a Municipality shall publish,not later than the first week of June, an annual financial statement of the preceding year, approvedby the Council, in such form as may be prescribed embodying a classified abstract of receiptsand payments of the Municipality under Revenue, Capital and Debt heads, a demand, collectionand balance statement and a statement of the general financial position of the Municipality.(2) As soon as may be, after the publication of the financial statement under subsection (I),the Secretary shall forward a copy there of to the auditors.295. Accounts and Audit.— (1) The Municipality shall maintain its accounts and otherbooks connected with the accounts in the manner and form as prescribed and shall enter thereceipt and expenditure accounts forthwith in such books.(2) The responsibility to maintain or cause to maintain the accounts and the connectedbooks of the Municipality in the manner and form as prescribed and to submit or cause tosubmit such accounts to the Local Fund Examiner for conducting audit in the time shall westwith the Secretary.(3) The Examiner of Local Fund Accounts and his nominees shall be the auditors ofthe Municipality.(4) The auditors shall maintain a continuous audit of the accounts of the Municipalityand shall, after completing the audit for a year or for any shorter period or for any transaction or seriesof transactions, send a report to the Municipality concerned and a copy thereof toGovernment.67.Section 289 renumbered as sub-section (1) of that section and added sub-section (2) by Act 14 of1999, w.e.f. 24-3-1999.68.Substituted for the words by Act 14 of 1999, w.e.f. 24-3-1999.69. Substituted for the words "Chairman" by Act 14 of 1999, w.e.f. 24-3-1999.70.Section 291 omitted by Act 14 of 1999, w.e.f. 24-3-199971. Section 292 omitted by Act 14 of 1999, w.e.f. 24-3-1999