Cap. 327 Art. 120Estimates of entity.

(1) An entity shall cause to be prepared in every financial year, and shall not later than the end of September of each such year adopt, estimates of the income and expenditure of the entity for the next following financial yea: Provided that the estimates for the first financial year of each entity shall be prepared and adopted within such time as the Minister may by notice in writing to the entity specify.

(2) In the preparation of such estimates the entity shall take account of any funds and other monies that may be due to be paid to it out of the Consolidated Fund during the relevant financial year, whether by virtue of this Act or an appropriation Act or of any other law; and the entity shall so prepare the said estimates as to ensure that the total revenues of the entity are at least sufficient to meet all sums properly chargeable to its revenue account including, but without prejudice to the generality of that expression, depreciation.

(3) The estimates shall be made out in such form and shall contain such information and such comparison with previous years as the Minister responsible for finance may direct.

(4) A copy of the estimates shall, upon their adoption by the entity, be sent forthwith by the entity to the Minister and to the Minister responsible for finance. The Minister shall at the earliest opportunity and not later than six weeks after he has received a copy of the estimates from the entity, after consultation with the Minister responsible for finance, approve the same with or without amendment. The Minister shall as soon as practicable cause the total amount of these approved estimates to form an integral part of the Government General Estimates.