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Chittagong City Corporation (CCC) Mayor Rezaul Karim Chowdhury on Wednesday announced his third budget of Tk 1,887.28 crore for the financial year 2023-24 at the KB Abdus Sattar Auditorium in the port city.
The CCC focuses more on housing tax collection along with development grants as the main sources of income in this fiscal year’s budget. The previous budget was dependent on grants alone.
The largest income of Tk 950.58 crore of the proposed budget will be arranged through the corporation’s own sources such as city taxes and other fees.
A revised budget of Tk1, 176.28 crore of the previous fiscal year was also passed in the special general meeting of the CCC. The total allocation of the previous fiscal year’s budget was Tk 2, 161.27 crore though 54.42 per cent of it was implemented.
The proposed budget estimates Tk 640.5 crore in total income from three types of taxes. Of which, the highest income of Tk 222.35 crore will be generated through tax arrears. Updated taxes will generate income of Tk 224.15 crore and other arrears will generate an estimated Tk 193.55 crore for the city corporation.
The estimated total income from the three types of taxes was Tk 584.45 crore in the budget for the previous fiscal year. But according to the revised budget, CCC’s income through these was Tk 331.17 crore.
Besides, the proposed budget has shown an income of Tk 894 crore in the development grant sector along with Tk 37.70 crore from other sources. Meanwhile, the maximum expenditure of Tk 942.50 crore has been estimated in the development sector whereas in the previous year’s budget, it was Tk1, 259.50 crore with an expenditure of some Tk643.7 crore.
Chief Executive Officer of CCC Muhammad Touhidul Islam chaired the announcement session while the chairman of the standing committee on finance and establishment Md Ismail presented the budget statement. City Corporation Secretary Khaled Mahmud, Acting Chief Accounts Officer Humayun Kabir and the ward councillors were also present.
