(1) Every planning authority shall prepare in such form and at such time every year as may be prescribed, a budget in respect of the financial year next ensuing showing its estimated receipts and expenditure under the Fund Account and shall forward to the Government such number of copies thereof as may be prescribed.
(2) The Government shall, on receipt of such budget estimate, in consultation with the Director either approve the same with or without modifications or direct the planning authority to make such modifications as they consider necessary.