Chennai Corporation Budget 2024 | Fiscal deficit at lowest in five years, revenue receipts up
The Hindu
Greater Chennai Corporation presents budget for FY 2024-25 with lowest deficit in five years, focusing on infrastructure development.
The Greater Chennai Corporation (GCC) presented its budget for the fiscal year 2024-25, with the lowest deficit in five years. Standing Committee (Taxation & Finance) Chairman Sarbajaya Das presented the Financial Report at the Ripon Buildings on Wednesday, February 21, 2024.
According to the Budget estimate documents from FY2020-21 until now, net deficit was at its lowest in FY 2024-25 compared to the past five years. Although revenue receipts are at their highest now over the past five years at ₹4,464.60 crore, capital receipts this fiscal are marginally lower, at ₹3,455 crore, compared to last year’s budget estimate of ₹3,554.5 crore.
Moreover, the Corporation aims at zero revenue account borrowings and also aims at repaying loans worth ₹231.15 crore, the budget estimate revealed.
This year, the civic body’s biggest allocation is towards the construction of stormwater drains. A total amount of ₹1,321 crore has been allotted this fiscal for stormwater drain work to be undertaken in the Kosasthalaiyar Basin using Asia Development Bank funds, Kovalam Basin with KfW (a German Bank) and several areas under Singara Chennai 2.0 by the Stormwater Drain (SWD) Department.
Funds to the tune of ₹390 crore have been allotted for the re-laying of roads under Singara Chennai 2.0 and Nagarpura Salaigal Membattu Thittam (NSMT).
Funds for each of the 15 zones in the city to carry out essential work and other capital work carried out through the Singara Chennai 2.0 project and NSMT have also been earmarked at ₹392.53, according to the budget estimate for FY2024-2025.
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