Bengaluru’s BBMP to present Rs 13 thousand crore budget on February 29; Read details
The Bruhat Bengaluru Mahanagara Palike (BBMP) is gearing up to present its budget for the fiscal year 2024-25, with expectations ranging from Rs 12,000 to Rs 13,000 crore, aiming to address outstanding liabilities and boost revenue through property tax reforms and enforcement measures. Special Commissioner of Finance, Shivananda Kalkere, will oversee the presentation.
FollowThe Bruhat Bengaluru Mahanagara Palike (BBMP) has geared up for its budget presentation for the current year, with preparations in full swing for a budget ranging between Rs 12,000 to Rs 13,000 crore. The deadline for this significant event has been marked for February 29, 2024, a crucial date amidst the looming Lok Sabha election season.
For the fiscal year 2023-24, the BBMP had outlined expenditure projects amounting to Rs 11,157 crore against a revenue expectation of Rs 11,158 crore. However, with the state government's commitment to provide additional grants, the corporation's budget size was extended to Rs 11,885 crore. This year, fueled by expectations of increased revenue, the budget size is poised to escalate to a substantial range between Rs 12,000 to Rs 13,000 crore.
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The BBMP harbours ambitious revenue expectations for the upcoming fiscal year, with projections indicating a potential increase of Rs 4,100 crore. Measures have been set in motion, including a draft notification for property tax collection under the capital value system, slated to contribute an additional Rs 1,000 crore. Furthermore, revenue streams from premium FIR enforcement, advertisement tax, and SWM user fees are anticipated to bolster the coffers by Rs 1000 crore, Rs 750 crore, and Rs 850 crore, respectively. The corporation aims to amass property tax collections ranging between Rs 4,000 to Rs 6,000 crore, further fortified by the implementation of the OTS scheme targeting defaulters, expected to yield between Rs 500 to Rs 1000 crore.
Budget to be presented by BBMP officials
BBMP officials have shouldered the responsibility of budget presentations for the past three years. Once again, the mantle falls upon Special Commissioner of Finance, Shivananda Kalkere, to present the budget for the upcoming fiscal year.
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The BBMP finds itself burdened with a substantial liability, owing contractors outstanding bills totalling Rs 13,657 crore for various projects. This accrued liability necessitates the presentation of a budget equivalent to the outstanding amount for the fiscal year 2024-25.
Despite previous discrepancies in adhering to financial guidelines, efforts towards fiscal discipline have been underway, evident in the formulation and presentation of budgets aligned with BBMP's income over the past two years. The Budget presentation will take place in Kempegowda Town Hall under BBMP jurisdiction in Bengaluru.
