Annual Financial Statement (AFS)

Annual Financial Statement (AFS) 2024–25: Summary Report

The Annual Financial Statement (AFS) for the financial year 2024–25 indicates that the financial position of Kumily Grama Panchayat remained stable and supportive of its development activities. The opening bank balance, along with income from various revenue sources, strengthened the Panchayat’s financial capacity during the year.

Key Financial Highlights

Assets and Liabilities

  • The total value of fixed assets was approximately ₹30.74 crore.
  • Major assets of the Panchayat include various infrastructure facilities, buildings, roads, water resources, and public institutions.
  • Significant balances were maintained in bank deposits and other financial assets at the end of the financial year.

Income and Expenditure

Opening Bank Balance

  • ₹9.71 crore

Closing Bank Balance

  • ₹14.24 crore

This increase indicates that the Panchayat maintained a healthy liquidity position during the year.

Major Sources of Revenue

The principal sources of income for the Panchayat during 2024–25 were:

  • Tax Revenue: ₹97.98 lakh
  • Fees, licenses, and other service-related income
  • Grants from the Central and State Governments
  • Development funds
  • Funds received under the Employment Guarantee Scheme (MGNREGS)
  • Financial assistance under various special projects and schemes

Major Expenditures

The major areas of expenditure included:

  • Salaries of employees and administrative expenses
  • Social security pensions
  • Development projects
  • Drinking water, sanitation, and public works activities
  • Health, education, and welfare programmes
  • Employment guarantee schemes

Key Features of Financial Performance

  • The closing bank balance increased compared to the opening balance.
  • The Panchayat's asset base remained strong and stable.
  • Government grants and development funds continued to be the major sources of revenue.
  • Significant expenditure was incurred for social welfare, infrastructure development, and public services.
  • The AFS indicates that the Panchayat maintained adequate financial stability to support its ongoing operations and development initiatives.

Conclusion

During the financial year 2024–25, Kumily Grama Panchayat demonstrated satisfactory financial performance. The Panchayat maintained a closing bank balance of more than ₹14.24 crore and effectively utilized funds for various development and welfare programmes. The Annual Financial Statement highlights the Panchayat’s financial stability and its capacity to continue supporting development activities and public services in the years ahead.