(a) All authorities are required to submit an operating budget for each project or consolidated projects for the period from the date of substantial completion to the end of the current fiscal year assigned to the authority, and annually thereafter. However, under certain conditions in consolidated project operations, the division may require a budget for each of the individual projects.

(b) Budgets will be prepared on forms provided by the Division of Housing and Community Renewal. A preliminary budget will be prepared in pencil and forwarded in duplicate, not later than 60 days prior to the beginning of the next succeeding fiscal year, to the Bureau of Management for review. Immediately upon return of the preliminary budget, the final budget will be prepared in four copies and forwarded for the formal approval of the Bureau of Management. Neither the preliminary nor the final budget will be forwarded to the Bureau of Management until it has been reviewed and approved by the local authority.

(c) Prior year actual expenses will be shown in the space provided in the case of preliminary budgets. Inasmuch as the preliminary budget will be prepared prior to the expiration of the fiscal year, the prior year actual figures will be for the year ending one calendar quarter earlier than the fiscal year.

(d) Budget should be in final approved form prior to commencement of its fiscal year. No matters will be considered for approval by the division unless approved budget is on file with the Bureau of Management.