- (1) There shall be a fund to be
called the Municipal Fund, which shall be held by the Municipality
in trust for the purposes of this Act, and all moneys realized or
realizable under this Act and all moneys otherwise received by the
Municipality shall be credited thereto.
(2) Subject to such directions as the State Government may
issue in this behalf, the receipts and expenditures of the
Municipality shall be kept under such heads of accounts, including
those for drainage and sewerage, solid waste management, road
development and maintenance, slum services, commercial projects
and other account heads as may be prescribed and the general
account head, in such manner, and in such form, as may be
prescribed, so as to facilitate the imposition of user charges and
preparation of any subsidy report under this Act.
Explanation.&For the purposes of this section
commercial projects shall include municipal markets, market
development projects, property development projects, and such
other projects of a commercial nature as may be specified by the
Municipality from time to time.
(3) Every head of account specified under sub-section (2)
shall be split up into a revenue account and a capital account and
all items of receipts and expenditures shall be kept appropriately
under such revenue account or capital account, as the case may be.
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