TIRUPUR: Chairman of Taxation and Finance Standing Committee in Tirupur Corporation R. Chandrasekar presented the budget for 2014-15 financial year with fiscal deficit projected at Rs. 17.39 crore.
Submitting the budget before the Corporation council at the meeting held on Wednesday, he said that the overall revenue expected during 2014-15 fiscal was calculated at Rs. 387.39 crore with revenue receipts realisation pegged at Rs. 164.22 crore and capital receipts (loans and long-term receipts) at Rs. 222.97 crore.
On the expenditure side, the budget had projected the overall expenditure for 2014-15 fiscal at Rs. 404.79 crore with revenue expenditure at Rs. 129.47 crore and the remaining planned to be spent under the head of the capital expenditure.
The budget document indicated that the fiscal deficit projected for 2014-15 had grown only by Rs. 72 lakh when compared to the ‘revised estimates’ of the current (2013-14) fiscal where fiscal deficit stands at Rs 16.67 crore.
To offset the fiscal deficit, the corporation administration plans to augment the tax collection and cut down unnecessary expenditure.
Under the revenue fund component of the revenue receipts, the Corporation administration expects to collect Rs. 127.36 crore in 2014-15 fiscal with Rs. 20.9 crore to come as property tax, Rs. 87.50 crore as State Finance Commission grants, Rs. 4.95 crore as assigned revenue, Rs. 2.52 crore as service charges, Rs. 1.6 crore as government grants/financial assistances, Rs. 2.08 crore as professional tax and license fees and the rest under other heads.
Terming the budget as uninspiring and nothing interesting, the DMK councillors walked out of the meeting.
A. Govindaraj of DMDK also walked out of the meeting after stating that the budget document every year for the past three years were looking almost identical when it comes to narrating new initiatives.
When Mr Govindaraj talked continuously before walking out, Mayor Visalakshi Appukutty said Govindaraj would be suspended for the next three council meetings.