Tiruchi Corporation presents surplus budget

The Tiruchi Corporation on Thursday presented a budget with the surplus of ₹95 lakh for the financial year 2019-20.

While total revenue for the year is projected at ₹769 crore, the total expenditure is estimated to be ₹766 crore. The projected revenue is ₹284 crore - higher than during 2018-19.

Corporation Commissioner and Special Officer N. Ravichandran released the budget on Thursday in the presence of Chief Engineer Amuthavalli and senior officials.

There has been a substantial increase in total revenue when compared to 2018-19. Among various heads of receipts, capital fund is projected to increase by more than 100 % than 2018-19. It was just ₹156 crore in 2018-19. It is projected at ₹391 crore in 2019-20. The corporation expects a quantum jump over allocation of fund under the Smart City Mission.

Mr. Ravichandran told The Hindu that under the Smart City Mission the corporation has so far received ₹100 crore from the Central and State governments to implement smart city projects. The allocation for the next fiscal (2019-20) would be not less than ₹ 350 crore. The corporation had lined up a number of projects to avail fund as much as possible. It would enable the civic body to improve financial health to a great extent thereby creating a number of new and novel infrastructure facilities in the city.

The budget has projected a sharp increase in revenue receipts too. It is set to go up by ₹262 crore in 2019-20 from ₹239 crore in 2018-19. The recent revision of property tax is the main reason in increase in revenue receipts. The corporation expects to collect ₹81 crore under the head of property tax in the next fiscal. It alone constitutes 21% of total receipts. It expects ₹71 crore under the head of service taxes and other taxes.

An official said that the recent upward revision in property tax would improve its overall financial health. The property tax revenue was expected to go by 50% in the next fiscal. The demand for constructing an integrated bus terminal, which is being discussed for the last 20 years, finds a mention in the budget. But it has no details on site of the proposed bus stand and fund allocation. However, the budget has a provision of ₹60 crore for developing the existing Central Bus Stand.