Local Government Act Article 40-1

The general budget proposal for the first year after the change of status to a special municipality shall be submitted by the government of the special municipality to the council of the special municipality before Jan. 31 of that year. The council of the special municipality shall complete the budget review within two (2) months of receipt of the general budget proposal. The government of the special municipality shall announce the general budget within fifteen (15) days of the completion of the budget review; Paragraph 1 of the preceding article shall not apply.If the special municipality fails to submit the general budget proposal at the beginning of the fiscal year, pursuant to the preceding paragraph, or if the general budget proposal is not approved, budget implementation shall be as follows:1. The income shall be determined based on formulated standards and the actual income amount.2. Apart from the budget for new capital expenditures, the budget required to implement government policies may be allocated on a regular basis and used as necessary.3. Income shall be determined based on the actual income amount, and an expenditure amount shall be allocated to fulfill actual legal and contract obligations.4. The budget shall include loans to be executed in response to the budget allocation requirements of the preceding three subparagraphs.All income and expenditures indicated in the preceding paragraph shall be included in the general budget proposal for the first year.