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Business EconomyPosted at: Jan 11 2025 7:57PM


Experts at planners meet pitch for reforms to boost municipal finance

Thiruvananthapuram, Jan 11 (UNI) Municipal finance management need to be improved through timely reforms to enable Urban Local Bodies (ULBs) to raise adequate funds for implementing projects with greater transparency and accountability, experts said at a plenary session at the National Town and Country Planners Conference here on Saturday.
While it is vital for ULBs to tap all viable sources to raise finances to implement civic projects to meet the demands of the burgeoning urban population it is equally important to ensure transparency and accountability in fiscal management, the panellists said at a session on “Municipal Fiscal Health” on the second day of the conclave, attended by planners and policy makers from across the country.
‘Intelligent, Digital Spatial Planning and Governance’ is the focal theme of the three-day event, organised by the Institute of Town Planners, India (ITPI), New Delhi, with the support of the Local Self Government Department (LSGD), Govt. of Kerala.
Transparency in resource mobilisation and distribution, reinforced by timely and standardised information, is vital to improve the fiscal governance of civic bodies, noted Shrikanth Viswanathan, CEO, Janaagrah, Bengaluru.
“Though we have made a great leap with respect to the financial accountability, we need to do more in making timely, credible and standardised accounts available since every citizen has a right to know how the resources are utilised,” he said.
Municipal bodies are yet to achieve a high level of efficiency in making audited accounts available within the time-frame set for that. However, of late, there has been a visible improvement in this matter with digitisation of processes and infusion of professionalism in accounting practice, Shrikanth Viswanathan added.
He further noted that municipal finance is an area that has not seen much reform, for which the planning and finance community need to make joint efforts.
There are many untapped avenues before the ULBs to raise adequate resources to implement civic projects, instead of relying solely on means like property tax, said V Suresh, former chairman HUDCO.
Suresh, who was the guest of honour at the session, said ULBs should think about raising long-term credit through devices like infrastructure bond for implementing major projects. This, however, requires drawing up good, credible projects with concrete details regarding their time-frame, cost and quality.
The urban bodies can also think of raising finances through such means as pension and provident fund, as is done by some big cities abroad, Suresh said.
All these called for improving efficiency in mobilisation and utilisation of resources by leveraging technology and services of professionals, he said.
Presiding over the session, Prof B K Sengupta, former professor IIT Kharagpur, said the growth of the cities as engines of growth called for enhancing the financial capacity of the urban local bodies by strengthening their financial autonomy.
The ULBs in the country are yet to tap the potential of sources like green bonds for raising finances for sustainable development of the urban landscape, said Dr Anjula Negi, Freelance Advisor and Planner.
The ULBs need to think seriously about raising funds through fresh but regulated sources for their spatial development plans aligning with environmental goals, instead of entirely depending on their own resources and government grants, she added.
The financial autonomy of local self government institutions should be strengthened by allowing them greater access to new avenues of resources in a transparent and accountable manner, said Ramakrishna Nallathiga of NICMAR, Pune.
Ritesh Ranjan, Assistant Professor NIT Calicut, and Prof Jain K George, Planning Department, College of Engineering, Thiruvananthapuram, wrapped up the session.
UNI DS GNK
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