Mangochi District Council on Thursday approved the 2022/2023 budget estimates which is standing at K3 billion from April 2022 to March 2023.
Presenting the budget, Finance Committee Chairperson Councillor, Ivy Sande said out of the K3,099, 557, 001 2022/2023 budget estimates, K2, 862,952,112 represents Central Government transfers while K236, 605, 000 represents locally generated revenue.
She said there was an overall increase in the current budget estimates of K749, 219, 653 from the 2020/2021s of K2, 360, 337, 460 to the newly approved K3,099, 557, 001, adding that this was a 32 percent increase.
Sande expressed hope that there would be other upward adjustments in the 2022/2023 budget saying: “Funds from the Central Government are expected to increase from K2, 166, 397, 960 to K2, 862, 952, 112 as this is attributable to a change in Government 2022/2023 Financial Year back to 12 months from the nine months in the financial year,”
In the 2021/2022 budget performance from July 2021 to December 2021, Mangochi District Council received K1, 762, 564, 709 from the Central Government representing 81 percent of the budget with K1, 094, 689, 777 expenditure which representing 62 percent consumption rate.
The Chairperson added that locally generated revenue was expected to increase by K52, 665, 500 from K183, 939, 500 in the 2020/2021 to K236, 605, 000 in the 2022/2023 financial year.
