Section - 14 - Budget.

    (1) The Chief Executive shall, not less than three months before the commencement of each financial year, cause to be prepared and submitted to the Board for its approval, proposals for an annual budget of expected revenue and expenditure for that financial year.

    (2) The Board shall consider the proposals for the annual budget submitted to it by the Chief Executive under this section and shall, subject to any modifications determined by the Board, approve the annual budget of the Authority for that financial year.

    (3) In the case of the first financial year of the Authority the time within which the Chief Executive shall submit the proposals for an annual budget under subsection (1) of this section shall be within two months after the date of commencement of business by the Authority.