Lalitpur Metropolitan City Presents Budget of NPR 7.48 Billion for Fiscal Year 2083/84

Kathmandu. Lalitpur Metropolitan City has presented a budget of a total of NPR 7.48 billion for the upcoming fiscal year 2083/84. Deputy Mayor Manjali Shakya Bajracharya presented the budget statement at the ninth municipal assembly of the metropolitan city. The presented budget is around the total allocated budget of NPR 7.47 billion for the current fiscal year. Deputy Mayor Bajracharya stated that the budget has been formulated to address the growing expectations and multifaceted needs of the city dwellers amidst limited resources and means.

Capital Expenditure NPR 4.23 Billion and Current Expenditure NPR 3.25 Billion

Of the total budget allocated by Lalitpur Metropolitan City for the upcoming fiscal year 2083/84, 56.6 percent has been allocated for capital expenditure and 43.4 percent for current expenditure.

The metropolitan city has allocated NPR 3.25 billion for current expenditure, which is approximately NPR 280 million (9 percent) more than the current fiscal year. The metropolitan city has stated that the increase in current expenditure is due to mandatory obligations such as salary increments for employees, incentive allowances, and social security allowances.

Similarly, NPR 4.23 billion has been allocated for capital expenditure for the upcoming year. It is estimated that capital expenditure will decrease by 6 percent compared to last year due to lower budget received from the federal and provincial governments for capital expenditure headings.

The main financial basis for Lalitpur Metropolitan City's budget for the upcoming fiscal year 2083/84 has been made from internal resources and grants received from the federal government. According to the revenue estimates published by the metropolitan city, a total of NPR 1.36 billion is expected to be received from the federal government through equalization, conditional, and complementary grants. Similarly, NPR 176.39 million is projected to be received from the Bagmati Province government.

It is mentioned in the budget statement that NPR 3.35 billion will be collected from the metropolitan city's internal revenue, land registration fees, and entertainment tax, and the remaining NPR 1.47 billion will be covered from cash reserves.