(1)
The Village Executive and the Municipal Executive shall, subject to this
Constitution, lay an estimate of revenues and expenditures of every financial year
before, and have the estimate passed by, the Village Assembly and the Municipal
Assembly, respectively, as provided for in the Local law.
(2) If, in laying an estimate of revenues and expenditures under clause
(1), the Village Executive or Municipal Executive is required to make a deficit
budget, it must purpose also the sources to meet the deficit as provided for in the
Federal law and the State law.