2024-25 AFS
ANUAL FINANCIAL STATEMENT 2024-25
- Receipts (Income): All money received by the Panchayat, which includes:
- Taxes (e.g., property tax, professional tax).
- Non-tax revenue (e.g., fees, fines, rent from Panchayat property).
- Grants from the Central and State Governments (e.g., Finance Commission grants, scheme-specific funds).
- Expenditure (Spending): All money spent by the Panchayat, including expenses for:
- Administrative costs (salaries, office maintenance).
- Development projects (e.g., roads, water supply, public health).
- Welfare schemes.
- Asset and Liabilities: A statement showing the Panchayat's financial position at the end of the year, including any assets it owns (like buildings or vehicles) and any debts or obligations it has.
- Reconciliation: A comparison of the planned budget versus the actual money received and spent.
3. Purpose
The primary purposes of the Annual Finance Statement are:
- Accountability: It makes the Panchayat accountable to the Gram Sabha (village assembly), the State Government, and the public for the use of public funds.
- Transparency: It ensures that financial transactions are open and available for public scrutiny and audit.
- Audit: It forms the basis for the mandatory annual financial audit conducted by the Local Fund Audit Department (or a similar agency).
In summary, it is the official, mandated document that details the financial health and operations of the local government body for the preceding year.