Biratnagar Metropolitan City has announced a budget of more than Rs 4.10 billion for next fiscal year 2078/79. The budget was announced by Deputy Mayor Indira Karki during the eighth municipal session today.
The budget has allocated over Rs 467 million for recurrent expenditure and more than Rs 3.58 billion for capital expenditure. Similarly, Rs 50 million has been allotted by the metropolitan for financial management purposes. Biratnagar Metropolitan has allocated 11 per cent of its budget for recurrent expenses and 89 per cent for capital expenditure.
For the current fiscal year, the metropolitan had announced a budget of over Rs 4.23 billion. In the first 10 months of the current fiscal year only Rs 1.33 billion of the total budget has been spent. Of the more than Rs 3.63 billion that has been allotted for capital expenditure in this fiscal only Rs 880 million has been spent in the first 10 months.
The budget for the next fiscal year estimates to receive Rs 1.19 billion through the federal government’s Fiscal Equalisation Fund. It also expects to receive over Rs 1.01 billion through the distribution of taxes collected by the federal government. Meanwhile, the metropolitan also expects to raise internal revenue worth over Rs 830 million.
In the current fiscal year, the metropolitan had expected to raise internal revenue worth Rs 950 million. However, in the first 10 months it has been able to raise a little over Rs 313 million.
For the next fiscal year 2078/79, the budget has allocated over Rs 2.04 billion for development of physical infrastructure and more than Rs 1.26 billion for social development purposes. Similarly, Rs 178 million has been allotted for economic development purposes and Rs 93 million for good governance and environment preservation purposes.
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