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The Delhi government has started the process of preparing its budget for 2023-24

The Delhi government has started the process of preparing its 2023-24 budget, asking its departments to provide estimates after “realistic assessment” to ensure funds are used within the given fiscal year, officials said on Saturday.

The Department of Finance has started the process of preparing the Revised Estimates (RE) for 2022-23 and the Budget Estimates (BE) for 2023-24, asking departments to adhere to the prescribed format when providing facts and figures, they said. .

Departments should formulate estimates based on a “realistic assessment of the funds needed so that situations such as actual spending falling short of original budget estimates do not occur,” the Finance Department said in its budget circular earlier this month. .

The departments will ensure that all funds projected through budget estimates are used during the fiscal year, he said.

Pointing out the discrepancies in the budget estimate by departments, he said it has also been noted that departments took the reallocation of funds but were unable to use even their original budget estimates.

“There were also cases where actual spending at the end of the fiscal year exceeded or fell short of the budget provision. To avoid such situations, it is up to departments to have a realistic view of their funding needs.”

The wide variations between the original budget estimates and the actual expenses incurred lead to an obvious conclusion that departments have failed to adequately anticipate and project a realistic funding requirement, he said.

“Unrealistic evaluation of funds is not conducive to a proper budgeting system and invites adverse audit comments,” the circular said.

Revised estimates and budget estimates for a department mean that the projections include all subordinate offices under its administrative control, including autonomous agencies and beneficiary institutions.

It has also asked the departments to make provisions for any new scheme in their estimates to avoid delays as the introduction of such a scheme requires the approval of the Legislative Assembly through a supplementary grant application.

Departments have been asked to submit their budget estimates to the Finance Department no later than October 10. Pre-budget meetings will start from the last week of October, the circular adds.

(Only the headline and image in this report may have been modified by Business Standard staff; all other content is auto-generated from a syndicated source.)

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