Kathmandu Metropolitan City (KMC) has announced its annual budget of Rs 25.70 billion for the fiscal year 2024/25

Kathmandu Metropolitan City (KMC) has announced its annual budget of Rs 25.70 billion for the fiscal year 2024/25.

Deputy Mayor of the KMC, Sunita Dangol presented the budget before the 15th meeting of the municipal assembly on Monday. The size of the KMC’s budget for the next year is Rs 170 million less than the amount earmarked for the current fiscal year.

Of the total amount, the metropolis has allocated Rs 14.81 billion (61.20 percent) for infrastructure development. Likewise, Rs 3.49 billion (14.44 percent) has been allocated for administrative expenses.

The KMC will be spending Rs 3.81 billion (15.75 percent) in the social sector, while Rs 1.89 billion (7.82 percent) is earmarked for good governance and related sectors.

The major sources of revenue worth Rs 24.20 billion will be generated out of the amount collected in the reserve funds, while the KMC has targeted to generate revenue worth Rs 1.50 billion from projects related to land integration. The grants from both the federal government and provincial government will make up for the remaining portion of the revenue for the metropolis.

Meanwhile, the Lalitpur Metropolitan City has announced a budget of Rs 7.46 billion for the next FY. The amount is Rs 960 million more than that of the current FY. The metropolis has allocated Rs 4.67 billion for development projects and Rs 2.78 billion for recurrent expenditure.