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Financial Management

How will the BBMP fund its projects?

Thursday, 19 August 2010 06:56 administrator
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The New Indian Express  19.08.2010

How will the BBMP fund its projects?

BANGALORE: The city corporation had made tall promises, all of them have fallen flat. Lack of funds has forced it to postpone its budget presentation, yet again.

The Bruhat Bengaluru Mahanagara Palike (BBMP) has now said it would present budget on August 30. It has knocked on the doors of the state government, seeking Rs 1,500 crore. Its budget for this year is said to be around Rs 7,500 crore. The Palike has loans of nearly Rs 3,000 crore and debt servicing of more than Rs 500 crore. The new budget can only add to the woes of the Palike and ultimately the citizens of Bangalore.

With more than Rs 1,500 crore as pending bills and Rs 1,750 crore as spillovers, the Palike is in dire financial straits.

Palike’s main bread winner, property tax, is said to have garnered only around Rs 800 crore.

It remains to be seen how does the BBMP strike a balance between its ambitions and liabilities.

Last Updated on Thursday, 19 August 2010 06:58
 

Budget on Sept 30

Thursday, 19 August 2010 06:51 administrator
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The Deccan Chronicle  19.08.2010

Budget on Sept 30

Bengaluru, Aug. 18: After dillydallying, BBMP has fixed September 30 as the date for presenting the budget. Earlier, the budget date was postponed at least four times. On Tuesday, mayor S. K. Nataraj had said the budget will have an outlay of Rs 7,000 crore and a grant of Rs 1,500 crore is being sought from Chief Minister B. S. Yeddyurappa.

However, on Wednesday, the mayor said it is certain that the budget will be presented on August 30.

Last Updated on Thursday, 19 August 2010 06:53
 

Budget delay? Blame it on funds crunch

Wednesday, 18 August 2010 09:38 administrator
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The Deccan Herald  18.08.2010

Budget delay? Blame it on funds crunch

Bangalore, August 17, DH News Service:

Severe funds crunch has been delaying the budget presentation of the Bruhat Mahanagara Palike. The budget has not been presented even after four months since an elected body took over the administration.

 

 

 

 

“We are awaiting a date from the Chief Minister for discussion on sanctioning of funds and other issues,” Palike Mayor S K Nataraj said on Tuesday. He was hopeful that the budget will be tabled by September first week. The latest assurance comes at a time when nearly half the financial year has come to an end.

Most comfortable

Nataraj admitted that the financial condition has not been  most “comfortable” for the BBMP over the past year with outstanding bills and payment to contractors amounting to Rs 1,900 crore.

The Palike is hoping to get additional funds of Rs 1,500 crore from the Government. The demand will be put forth during the meeting with Chief Minister, the Mayor said.

However, Nataraj was hopeful that the Rs 750 revenue accrued in the form property tax and an equal sum expected to pour in through Akrama-Sakrama scheme will stabilise the fiscal condition.

He said Rs 500 crore promised by the government in the budget is yet to be released. “We have not received any of the promised funds from the government since 2008,” he said.

Last Updated on Wednesday, 18 August 2010 09:53
 
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