Local level bringing the budget today

KATHMANDU: The local level is announcing the annual budget for the coming fiscal year 2079/80 today.

According to the Intergovernmental Finance Management Act 2074, the budget should have been submitted by the local level by June 24. However, the local level cannot bring the budget due to some technical difficulties and lack of preparation. It has already been made public at some local levels.

The budget has been prepared using federal and state government grants and internal resources. The budget should be formed by adding the four types of grants (equalization, conditional, special, and equalization) from the federal government’s budget presented on May 29, the budget from revenue sharing, the amount from natural resource allocation, tax authority, other local-level income, and the grant received after the budget presented by the state and local levels.

In light of this arrangement, the federal government drew the attention of the local level to the importance of completing the budget on time. The Ministry of Finance has warned that if the budget is not received on time, there will be problems distributing grants and revenue from the federal government to the appropriate local level.