BMC Budget 2024: Mumbai civic body announces budget of Rs 59,954.75 cr, 10.5 per cent more funds than last year

The Brihanmumbai Municipal Corporation BMC on Friday unveiled the annual civic budget for the financial year 202425The BMC Indias richest civic body presented a Rs 5995475 crore budget for the year 202425The budgetary estimates this time are 105 per cent more than the 202324 amount of Rs 5425607 crore The civic administration presented the budget to municipal commissioner Iqbal Singh Chahal who was appointed as BMC administrator by the state government after the fiveyear term of corporators ended in March 2022The budget estimates for the financial year 202425 are proposed at Rs 5995475 crore which exceeds the budget estimates of 202223 that is Rs 5425607 crore by 105 per cent said the budget documentThis is the second time after 1985 that the BMC administration has presented the budget to an administrator as the fiveyear term of its corporators has endedBMC Budget 2024 Rs 92865 crore allocated to BESTAccording to the budget document a total budget provision of Rs 92865 crore has been allocated as a grant to the BEST undertaking in the proposed budget of 202425Considering financial position of BEST Undertaking a provision of 800 crore is proposed in BE 202425 as a grant to BEST Undertaking to meet out expenditure on infrastructural development and purchase of capital equipments repayment of loan new buses on wet lease basis pay revision daytoday expenses ITMS project payment of Diwali bonus to employees gratuity and other dues of pensioners electricity dues etc said the budget documentBEST has planned to procure and deploy 2000 electric buses for Mumbai City The cost of this project is Rs 2573 crore For viability gap of this project 70 per cent amount ie Rs 1801 crore will be funded by the World Bank in form of Soft Loan Also 25 per cent share ie Rs 64335 crore will be made available by Government of Maharashtra to BEST Undertaking and UDD Government of Maharashtra has informed BMC to fund remaining 5 per cent share ie Rs 12865 crore Accordingly a provision of Rs 12865 crore is proposed in BE 202425 as additional grant to BEST Undertaking it addedBMC Budget 2024 Education budget increases around Rs 150 croreBMC announced an annual education budget of Rs 349782 for the Financial Year 202425 The civic body increased the educations funds around Rs150 crore from last years budget estimate which was Rs 334713BMC Budget 2024 BMC records rise in revenue income during FY 202324The BMC recorded a rise in its revenue income during financial year 202324According to the budget document the civic body recorded an actual income of RS 19231 crore upto December 31 2023 Meanwhile the actual income received by the BMC till December 31 2022 was Rs 18769 croreThe Budget Estimates of Revenue Income for the financial year 202324 was proposed to Rs 3329003 crore which is revised to Rs 3289768 crore a fall by Rs 39235 crore The actual income received upto 31122023 is Rs 1923155 crore The estimated Revenue Income for the financial year 202425 is proposed to Rs 3574903 crore which is Rs 2459 crore more than Budget Estimates of 202324 the budget document saidBMC Budget 2024 Property TaxAccording to the civic body in the financial year 202223 property tax has been collected in the same manner as in 201920 and the actual income from property tax was Rs 499415 croreIn the financial year 202324 revenue from property tax was estimated to Rs 6000 crore which is revised to Rs 4500 crore a fall by Rs 1500 crore the budget document saidThe civic body further said that BMC has filed a petition in Supreme Court against the decision passed by Bombay High Court against Capital Value Base Tax System in which the final verdict was against BMC Capital Value 2010 and 2015 rule no20 21 22 have been quashed by Honrsquoble Supreme Courtrsquos order Hence there is drop in collection of Property Tax resulting thereby a decrease in income of BMC from Property Tax it saidBMC Budget 2024 Mumbai Coastal Road ProjectFor its ambitious Mumbai Coastal Road Project the BMC in its budget has allocated a fund of Rs 2900 croresThe revised expenditure for the fiscal year 202324 meanwhile stands at Rs 3000 croresWhile the southworks on the project is 8334 per cent complete the first phase is slated to become operational this yearEfforts are being made by BMC to open the part of Coastal Road from February 2024 and we are determined to complete the project work till May 2024 The Mumbai Coastal Road Project South work of Package I II IV is in progress and till December 24 2023 8334 per cent work is completed In Package IV excavation of tunnels work is completed Interchange work of PackageI is 99 per cent completed and 69 per cent in PackageII is completed the budget document saidBMC Budget 2024 Goregaon Mulund Link Road project gets Rs 1870 croreFor the Goregaon Mulund Link Road GMLR project the civic body has allocated a fund of Rs 1 870 crore Meanwhile a total budget provision of Rs 116095 crores is proposed in the revised expenditure for the fiscal year 202324The project is being implemented in four phases In Phase3 work of construction of Twin Tunnel of 47 km length with internal dia 13 meter under Sanjay GandhiNational Park by Tunnel Boring Machine TBM Box Tunnel of 16 km length in Film City area alongwith approach roads has been commenced The work will use two new TBMs based onthe latest technology and includes SCADA by setting up an updated control room for tunnel traffic electronic equipment for air quality monitoring inside the tunnel StateoftheArt emergency telephone system and modern fire prevention system with operation and maintenance period of 10 years the civic body saidThe main objective of Phase3 is to propose an alignment along the shortest route to establish a high speed high capacity EastWest link to plan EastWest road link without adversely affecting environment and to propose a noninvasive solution enabling preservation of cityrsquos green forests ie SGNP Aarey and its lakes Also it will save huge capital cost on part of land acquisition as this route will be constructed underground through National Park amp Aarey Also Phase4 is under planning stage it added