16. (1) The Council shall submit to the Government, in such form before such day in each financial year as the Government may direct, a statement in triplicate to be called the annual budget statement for the next succeeding financial yearshowing the estimated expenditure and sums which are likely to be required from the Government during that financial year. (2) After examination of the statement submitted to it under sub-section (1), the Government shall return the statement, with or without modification, indicating the amount which the Council may expect from the Government as grants during the financial year to which the statement relates; and the Council shall accordingly modify the budget.