Cash-starved Hyderabad civic body to float bonds, gets Rs 5,000 crore budget

 Telangana | Written by : Suryaa Desk Updated: Sun, Mar 26, 2017, 12:17 PM

HYDERABAD: Cash-starved Greater Hyderabad Municipal Corporation (GHMC) is all set to float municipal bonds (`1,000 crore) and Rupee Term Loan (`2,500 crore) for implementing prestigious projects like Strategic Road Development Plan and others.  

This was disclosed by GHMC commissioner B Janardhan Reddy after the passage of draft budget of `5,643 crore for the financial year 2017-18 by the GHMC Council here on Saturday.

Earlier, mayor Bonthu Rammohan said the budget was prepared based on budgeting, accounting uniform codification structure under State Municipal Accounting Manual system.

According to him, sanitation has been given prime importance, other major components of revenue expenditure include street lighting, city infrastructure maintenance, urban community development and urban malaria eradication and others. 

Former mayor Majid Hussain recalled the fact that even though the GHMC had sought `2,000 crore, the state government provided only `1,000 crore in the state budget. “Then, how can the remaining amount be raised?” he questioned.

The GHMC commissioner said under the 13th finance commission, the Centre had sanctioned and released `130 crore to the civic body. Under 14th finance commission, `270 crore were sanctioned and of these, `156 crore were released and balance was expected before March 31.