Home / News / India /  Delhi govt begins budget preparation for FY 2023-24

The Delhi government has initiated the process of preparing its budget for the financial year 2023-24, said officials on Saturday as quoted by news agency PTI. It has also asked all its departments to furnish estimates after a 'realistic assessment' to ensure that funds are utilized within the given year.

The Finance Department is taking note of the revised estimates (RE) for 2022-23 and budget estimates (BE) for 2023-24 and directed other departments to stick to the prescribed format in furnishing facts and figures, the officials stated.

Revised estimates and budget estimates of a department mean that projections are inclusive of all subordinate offices under their administrative control including the autonomous bodies and grantee institutions.

The Finance Department, in its budget circular issued earlier this month, said the departments should formulate estimates based on a "realistic assessment of funds required so that situations like actual expenditure being less than original budget estimates do not occur".

They should also ensure that the entire funds projected through budget estimates will be utilized during the financial year, as per PTI reports.

Further, it also pointed out discrepancies in budget estimation by departments and said it has noticed that re-appropriation of funds was taken by the departments but were not able to utilize even their original budget estimates.

"There were cases where the actual expenditure at the close of the financial year was either found in excess or short of budget provision. To avoid such situations, it is for the departments to have a realistic view of its requirement of funds.," the circular read.

"Unrealistic assessment of funds is not conducive to a proper budgeting system and it invites adverse comments from audit," it added.

According to the circular, the finance department has also asked the other sections to make provisions for any new schemes in their estimates to avoid delays since the introduction of such a scheme requires approval of the Legislative Assembly through supplementary demand for grants.

They have also been asked to send their budget estimates to the Finance Department on or before October 10. The pre-budget meetings will start from the last week of October, it added.

 

(With PTI inputs)

 

 

 

 

 

 

 

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout