(1) The vice-president, deputy head or any member of the executive appointed by the executive shall submit the estimate of revenue and expenditure (budget) for the next financial year to the assembly before the 10th of June.
(2) In the annual revenue and expenditure according to sub-section (1), the exact details of the revenue and expenditure of the previous financial year, the revised estimate of the income and expenditure by the end of the current financial year and the plan and program of the next financial year and the estimated details of income and expenditure should be disclosed.
(3) The Assembly shall make an agenda on the budget submitted in accordance with sub-section (1) and complete the discussion within fifteen days.
(4) After completion of discussion according to sub-section (3), the assembly may pass the budget or send it to the executive with suggestions.
(5) According to sub-section (4) the budget received with suggestions shall be reconsidered by the executive and resubmitted to the Assembly within five days with necessary amendments or if no amendment is deemed necessary, with reasons.
(6) The Assembly must pass the budget submitted in accordance with sub-section (1) or (5) by the end of June.
(7) Regardless of what is written elsewhere in this section, it shall not be considered that the officials of rural villages and municipalities formed from the first election are hindered from submitting and passing the budget within two months of assuming office.
(8) Supplementary estimates and other arrangements related to the budget shall be in accordance with local laws.