(1) The Executive Officer shall, every year, prepare within such time and in such form as may be prescribed, a budget and estimated receipts and expenditure of the Board for the following year and place it before the Board which may approve it without modification or with such modification as it deems fit.
(2) A copy of the budget passed by the Board shall be forwarded to the State Government not less than two months before the end of the year previous to that for which the budget is prepared.