—(1) Not later than one month before the end of each financial year, a Town Council shall prepare, and display for public inspection in such places within the Town as it may direct, estimates of its revenue and expenditure for the next financial year together with a list of works which the Town Council proposes to undertake during the next financial year.
(2) The estimates shall set out, under separate headings, the sources of revenue and the distribution of expenditure.
(3) Where several matters are dealt with under one heading, each such matter shall be itemised and shown in a separate sub-heading relating to similar items.
(4) The estimates may provide for —
expenditure of such sums as may be necessary to defray the cost of official ceremonies of the Town Council; and
payment of allowances and salaries to members of the Town Council.
(5) The list of works shall show in respect of each work —
the estimated total cost thereof;
the date on which the work is expected to be completed; and
the amount to be expended thereon during the next financial year.
(6) A Town Council may from time to time revise the estimates and list of works prepared by it under subsection (1).