South Delhi Municipal Corporation (SDMC) earned another feather in it’s cap on Tuesday by becoming the most reliable Urban local Body as far as financial obligations are concerned.
The Corporation became the only civic agency in the Capital which is known for its sound financial health and it has never failed in discharging its commitments due to any financial crunch during its five years of existence.
ICRA limited, an approved agency by Union Government for rating of Urban local Bodies in the country has lauded the financial management and soundness of its financial situation. After examining the financial records of SDMC and its detailed presentation on fulfilling the financial obligations, ICRA has granted long term rating of ICRA AA + to South MCD. Now the Corporation has become at par with the Brihan Mumbai Corporation (BMC) and New Delhi Municipal Council (NDMC).
SDMC Commissioner Puneet Kumar Goel stated, "ICRA limited has, in fact, commended our concerted efforts in maintaining the financial discipline and financial equilibrium to overcome any future financial constraints". Goel added that SDMC now will be able to float bonds in case any need occurs though there is no possibility looking during next five-ten years.
The commissioner stated that it has become possible only due to persistent efforts to augment its revenue from the available sources of income. He further stated that the collection from property tax has achieved new heights by collection of Rs 901.57 crore as during the financial year 2016-17 as against the collection of Rs 650.56 crore during the FY 2015-16. Similarly, the revenue on advertising head in SDMC during 2016-17 was Rs . 118.74/- against the collection of Rs 43.81 crore during the year 15-16. The collection on R.P Cell (Parking) head in SDMC during 2016-17 was Rs 97.57 cr against the collection of Rs 92 crore during the year 2015-16.