`Disciplined' MCH Revenue Up By 29%

Hyderabad, January 20: | Updated: Jan 21 2003, 05:30am hrs
Dedicated workforce and financial discipline has enabled the Municipal Corporation of Hyderabad (MCH) to raise its revenue by about 29 per cent over previous year.

According to CRISIL report, the corporation has reported a revenue of Rs 2.08 billion and an operating surplus level of Rs 0.67 billon during April-November 2002, as compared to revenues of Rs 1.6 billion and operating surplus of Rs 0.37 billion for the previous corresponding period.

CRISIL has rated MCH as `AA+(SO)', which indicate high safety with regard to timely payment of interest and principal obligation on the rated bonds.

"We have done this because of the committed workforce and rigorous financial discipline," Mr Chitra Ramachandran, Municipal Commissioner, MCH told The Financial Express

The corporation has collected property tax worth of Rs 96 crore till December 31, 2002, a 22.15 per cent increase over the previous corresponding period.

Interestingly, the internet is gaining acceptance with the property tax payers in Hyderabad. About 5.5 lakh assesses used the medium to pay their property tax this year, and the corporation is expecting more to use internet in the coming months.

On the expenditure front, the corporation has been able to reduce the total expenditure by 3.66 per cent, from Rs 156.75 crore to Rs 151.02 crore for the first nine months in the current fiscal ending December 31.

Further, to enhance the revenue, the corporation is in the verge of providing parking facilities in the designated locations in the city and plans to charge the citizens on a annual basis in the form of `pre-paid parking cards'. This would enable the corporation to raise about Rs 6 crore, as against just Rs 1 crore that comes presently through auctioning of the parking lots.