GHMC’s budget for ₹ 6,224 cr. approved by standing committee

GHMC’s standing committee has cleared budget proposals to the tune of ₹ 6,224 crore for the coming financial year 2023-24, during its customary meeting on Wednesday.

The budget estimate is higher than the same for the current year, but lower than the revised budget estimates simultaneously approved by the committee.

While the original budget estimate for the current year was ₹ 6,150 crore, the same has been revised to ₹ 6,475 crore now, even while the revenue expenditure is tapered down to ₹ 2,667 crore from the original ₹ 2,800 crore.

The revised estimates show a revenue surplus of ₹ 1,014 crore, as against the ₹ 634 crore shown in the original estimate, after factoring in the revenue income revised from ₹ 3,434 crore to ₹ 3,681 crore, besides the aforementioned cut down on the revenue expenditure.

In terms of actuals, the revenue income for the first half up to September 30 has stood at close to ₹ 2,122 crore, which is 62 per cent of the original estimates, and 58 per cent of the revised. However, the revenue expenditure actuals at ₹ 1,352 crore have not reached even 50 per cent of the budgetary estimates, compelling the revision.

Capital expenditure has been revised to ₹ 3,808 crore from ₹ 3,350 crore, while the actuals up to September 30 stood at ₹ 2,118 crore, showing over 60 per cent spending in the first half alone.

The fresh estimates for the year 2023-24 show revenue receipts at ₹ 3,967 crore, which is ₹ 286 crore higher than the revised estimates for the current year. Revenue expenditure is pegged at the same figure as the revised estimates, at ₹ 2,667 crore, resulting in a revenue surplus of ₹ 1,300 crore.

Capital expenditure is shown at ₹ 3,557 crore, partly funded by the borrowings to the tune of ₹ 1,218 crore, which amount to 20 per cent of the total receipts.

Of the total receipts, 32 per cent amounting to ₹ 2,000 crore is aimed to be collected through property tax, and 28 per cent at ₹ 1,750 crore by the Town Planning wing through building permissions.

Fifteenth Financial Commission grants are pegged at ₹ 834 crore under capital receipts, which amounts to 13 per cent of the total. Seven per cent is the other income, pegged at ₹ 422 crore.