(1) If at any time during the year it appears to ¹[²[the Corporationo]] that, notwithstanding any reduction of budget-grant that has been made under section 110 the income of the Municipal Fund during the same year will not suffice to meet the expenditure sanctioned in the budget estimates of that year and to leave at the close of the year the cash balance specified in or determined under the proviso to sub-section (1) of section 110, then, it shall be incumbent on ¹[²[the Corporation]] to sanction forthwith any measures which it may consider necessary for adjusting the year's income to the expenditure.
     (2) For the purposes of sub-section (1), ¹[²[the Corporation]] may either diminish the sanctioned expenditure of the year so far as it may be possible so to do with regard to all the requirements of this Act, or have recourse to supplementary taxation under section 151 or to an increase of the rates of cesses, fees, fares and other charges leviable under this Act, or to adopt all or any of those methods.