Finance, Accounts and Audit
(1) The Authority shall have and maintain a separate fund to which shall be credited,-
(a) all moneys received by the Authority from the State Government by way of grants, loans, advances or otherwise;
(b) grant-in-aid and loans made available by the Central Government for developmental activities in the Command Area under the Central Sector Schemes;
(c) any other funds provided for taking up any of the various development activities for specified programmes;
(d) loans raised by the Authority from financing agencies; and
(e) all other funds received by the Authority from any other source.
(2) The fund shall be applied for the purpose of the Act in such manner as may be prescribed.
The Authority shall prepare in such form and at such time every year as may be prescribed a budget for the next financial year showing estimated receipts and expenditure of the Authority in respect of the administration of the Act, and shall forward to the State Government or such other authority, such number of copies thereof as may be prescribed.
(1) The Authority shall maintain a true and proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as may be prescribed.
(2) The accounts of the Authority shall be subject to audit annually by the Controller of State Accounts and as certified by the Controller of State Accounts together with audit report thereof, shall be forwarded annually to the State Government.1[The audited accounts and the report shall be laid before each House of the State Legislature as soon as may be, after it is received by the State Government.]
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1. Inserted by Act 25 of 2003 w.e.f. 20.5.2003.
The Authority shall prepare for every year a report of its activities under this Act, during that year and submit the report to the State Government in such form on or before such date as may be prescribed and the State Government shall cause the same to be laid before each House of the Legislature.