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(1) Before the commencement of each financial year, the Board shall prepare the annual estimates of revenue and expenditure of the Authority for the financial year.

(2) The annual estimates shall make provision for the estimated expenditure of the Authority for the financial year concerned and in particular, shall provide for ·

(a) the acquisition, maintenance, repair and replacement of the equipment and any other property of the Authority,

(b) the payment of salaries, allowances and any other charges in respect of the staff of the Authority, and

(c) the payment of pensions, gratuities and any other charges in respect of retirement benefits which are payable out of the funds of the Authority.