KATHMANDU, July 17: Lalitpur Metropolitan City (LMC) has collected more revenue than targeted in the last fiscal year 2023/24. According to Prem Bahadur Thapa, chief of the Revenue Division of the metropolis, the revenue collection in the fiscal year 2023/24 was six percent more than the annual target. 

“The annual revenue collection target for the fiscal year 2023/24 was Rs 2.4 billion. The metropolis has been successful in collecting more than the target. According to the data, the metropolis has already collected over Rs 2.55 billion in revenue. However, the revenue collection data is being updated and the final data is yet to be received,” Thapa said. 

Similarly, the LMC managed to spend 81.22 percent of its capital expenditure in the last fiscal year, said Bidur Kumar Dhimal, chief of the Economic Administration Division. Dhimal said, “According to the budget of the last fiscal year, Rs 4.21 billion was allocated for capital expenditure, out of which Rs 3.25 billion has been spent.” 

The LMC has achieved significant success in revenue collection and capital expenditure and has been able to reduce arrears to 0.46 percent in the fiscal year 2023/24. Dhimal informed Republica that the metropolis cleared more than Rs 580 million in old arrears in the review period.