81Financial duties of the Authorities

81 Financial duties of the Authorities

81 Financial duties of the Authorities

(1) It is the duty of each Authority, in the exercise of its functions, to operate as efficiently and economically as possible and, in particular—

(a) to exercise efficiency and economy in incurring expenditure, and

(b) to manage its financial affairs in such a manner as not to incur commitments involving expenditure beyond levels that can be met from the expected financial resources of the Authority.

(2) It is the duty of each Authority to submit to the Treasurer, in such manner and at such times as the Treasurer specifies—

(a) detailed estimates of its revenue from all sources and its expenditure proposed for any period specified by the Treasurer, and

(b) such other information relating to the financial affairs of the Authority as the Treasurer requests.