Financial Status
In 2004-05, NMC’s revenues registered a compounded annual growth rate (CAGR) of 6.9 percent and revenue expenditure increased at a CAGR of 9.0%. In spite of this, due to a strong revenue base in form of taxes, there was a revenue surplus of INR 78 crores and an overall surplus of INR 18.98 crores (including capital account). Revenue income is primarily earned by NMC or for NMC by some external sources. Among own sources, the largest source is octroi (47%) followed by property tax (18%).
In 2004-05, a capital expenditure of INR 79 crores was incurred, mainly covering water supply, public works and roads. The cost recovery of services varies across sectors. For example, water expenditure exceeds revenue income each year, making it financially unsustainable. However, sewerage charges exceed the operation and maintenance expense but the current sewer coverage of the system is quite low.
Read more about this topic: Nagpur Municipal Corporation
Famous quotes containing the words financial and/or status:
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“The censorship method ... is that of handing the job over to some frail and erring mortal man, and making him omnipotent on the assumption that his official status will make him infallible and omniscient.”
—George Bernard Shaw (1856–1950)