Vadodara: Vadodara Municipal Corporation (VMC) presented the draft annual budget for the year 2024-25 on Monday. As expected in an election year, the Rs 5,523 crore budget stayed away from any tax hikes while proposing to spend Rs 1,689 on development works.
The highlights of the project include a Ring Road and new flyovers proposed in the city to ease traffic congestion.The proposed budget also gave a major thrust to sustainability and pushed for ‘net zero’ goals on this front.
The budget for 2024-25 is much higher as compared to the Rs 4,671 crore presented last year. On Monday, the civic body also revised the budget for the year 2023-24 to Rs 5,327 crore.
Despite no hike in taxes or new taxes being imposed, the civic body plans to increase its revenue to Rs 1,714.98 crore in the next fiscal which is higher than the expected revenue generation of Rs 1,663.09 crore in the current financial year.
The civic body expects to mop up a higher amount as taxes too with estimates for 2023-24 being pegged at Rs 721 crore against Rs 670.78 crore this fiscal.
The green bonds that the civic body proposed last year may now be floated. VMC commissioner Dilip Rana said that the green bonds will be verified by a competent agency. “It will probably be for the first time that bonds with such certification will be offered,” he said.
Rana said that the civic body was comfortable in servicing its debts and its capacity to absorb any more debts was healthy. He added that the US treasury representatives who had helped VMC with floating bonds earlier had pegged its debt capacity at Rs 1,000 crore for 10 years and Rs 700 crore for five years.
Commenting on the sustainability thrust, the commissioner said that the capacity of the civic body to process waste was being increased consistently. He added that presently 1,000-1,200 tonne of waste was being generated in the city and attempts were on to ensure all of it was processed.
We also published the following articles recently
The highlights of the project include a Ring Road and new flyovers proposed in the city to ease traffic congestion.The proposed budget also gave a major thrust to sustainability and pushed for ‘net zero’ goals on this front.
The budget for 2024-25 is much higher as compared to the Rs 4,671 crore presented last year. On Monday, the civic body also revised the budget for the year 2023-24 to Rs 5,327 crore.
Despite no hike in taxes or new taxes being imposed, the civic body plans to increase its revenue to Rs 1,714.98 crore in the next fiscal which is higher than the expected revenue generation of Rs 1,663.09 crore in the current financial year.
The civic body expects to mop up a higher amount as taxes too with estimates for 2023-24 being pegged at Rs 721 crore against Rs 670.78 crore this fiscal.
The green bonds that the civic body proposed last year may now be floated. VMC commissioner Dilip Rana said that the green bonds will be verified by a competent agency. “It will probably be for the first time that bonds with such certification will be offered,” he said.
Rana said that the civic body was comfortable in servicing its debts and its capacity to absorb any more debts was healthy. He added that the US treasury representatives who had helped VMC with floating bonds earlier had pegged its debt capacity at Rs 1,000 crore for 10 years and Rs 700 crore for five years.
Commenting on the sustainability thrust, the commissioner said that the capacity of the civic body to process waste was being increased consistently. He added that presently 1,000-1,200 tonne of waste was being generated in the city and attempts were on to ensure all of it was processed.
We also published the following articles recently
Budget 2024: What tourism and travel sectors are expecting this year
Finance Minister Nirmala Sitharaman is all set to reveal the Interim Budget for FY25 on February 1, 2024. Experts expect incentives for domestic tourism, streamlining TCS, technology integration, GST input credit, TDS removal, financial aid, marketing campaigns, and promotion of sustainable tourism.
Finance Minister Nirmala Sitharaman is all set to reveal the Interim Budget for FY25 on February 1, 2024. Experts expect incentives for domestic tourism, streamlining TCS, technology integration, GST input credit, TDS removal, financial aid, marketing campaigns, and promotion of sustainable tourism.