While Andhra Pradesh is facing acute shortage of funds due to the state division, Greater Vishakapatnam Municipal Corporation (GVMC) had announced a surplus budget in tone of 200 Crores. The total capital and revenue receipts of the corporation is pegged at Rs. 2,304 crore, there is a opening balance of Rs. 110 crore, and the total capital and revenue expenditure is estimated to be around Rs. 2,103 crore which leaves a surplus of 200 Crore.
GVMC is planning to tap more revenues from the city through various routes like identifying under-valued and un-assessed properties, renewal of shop licences, water tax and advertisement tax etc. The corporation is taking serious steps to make sure that they are all collected vigorously.
The corporation is planning new projects such as underground drainage, BRTS and housing schemes and will need 240 crores more. Also the corporation will have an additional expenditure of about Rs. 40 crore for salaries due to the pay hike
