Section 47
SEC. 47. (a) During the month of January of each year, the council shall prepare in duplicate a report giving. (b) An inventory of all buildings, lands, and other property, real and personal, belonging to the municipality. (c) An itemized estimate of the revenues of the municipality from all sources during the current year, with a statement opposite each item of the amount realized from that source during the last preceding year. (d) An itemized estimate of the ordinary expenses of the municipality for the current year, with a statement opposite each item of the corresponding expenses for the last preceding year. The estimated ordinary expenses shall not exceed the estimated resources. This estimate shall include a statement of outstanding indebtedness, if such exists. (e) An estimate of such extraordinary expenditures, if any, as may be required through unusual necessity or to make permanent improvements. Such estimate shall state the approximate total expenditures by reason of such necessity or improvement, the amount which it is expected to expend during the current year, and the source or sources from which it is proposed to secure the necessary funds; also an itemized statement of extraordinary expenditures for the last preceding calendar year. The report hereinbefore provided for shall be in such form as may be prescribed by the provincial treasurer. (f) Such report, when approved, shall be attested by the president and municipal secretary and shall be forwarded in duplicate to the provincial treasurer for his action. If the provincial treasurer shall, upon consideration, find that the taxes levied will produce the estimated revenue and that the actual expenditures provided for in the report will not exceed in the aggregate the estimate thereof, then he shall approve the same and shall forward one of the copies of the report, with his approval indorsed thereon, to the president to serve as a guide to the municipality in the administration of its finances. If, after the provincial treasurer shall have begun the collection of taxes, he finds that the amount to be actually collected will fall short of the estimate, he shall certify this fact to the council, with a statement of the probable shortage, and it shall be the duty of the council to reduce its subsequent expenditures so as to bring their aggregate within the available income as reported by him. (g) Expenses not provided for in the annual estimate can only be incurred and paid upon authorization by the provincial treasurer at the request of the municipal council.