Chennai Corporation’s outstanding debt revealed – Times of India

Chennai News

CHENNAI: The Greater Chennai Corporation’s outstanding debt presently stands at Rs 3,243 crore and the civic body is expected to have more expenditures.
According to the policy note 2022-23, the corporation has an outstanding loan amount of Rs 2,591.83 crore (including Rs 550 crore overdraft drawn from State Bank of India), pending contractor payments of Rs 279.43 crore and R 373.51 crore payable to various government agencies.
The corporation is expected to incur an additional expenditure towards implementing the solid waste management project in 11 zones including collection and transportation of solid waste implemented in public-private-partnership mode. The monthly outgo to the concessionaires is about Rs 53 crore.
“The corporation is facing a severe shortfall in revenue receipts on the item of property tax collection in the present scenario because of deferment of the general revision of property tax rates and the Covid-19 pandemic,” the policy note has said.
The civic body has said it has completed a field survey for 180 wards out of 200 wards. The corporation is making all efforts to improve the financial position by bringing all under/unassessed properties into the property tax net.