| Foreword |
| List of Abbreviations |
| Chapter I: Municipal Finances in India: An Overview |
| 1. Role, Responsibilities and Accounting Practices of Local Governments in India |
| 2. The Received Wisdom on Local Government Finances |
| 3. Role of Central and State Finance Commissions |
| Chapter II: Fiscal Position of Municipal Corporations |
| 1. Introduction |
| 2. The State of Municipal Finances |
| 3. Borrowings |
| 4. Conclusion |
| Annex: Evolution of Municipal Finances: A Historical Perspective |
| Chapter III: Alternative Sources of Financing for Municipal Corporations |
| 1. Introduction |
| 2. Bank Credit to Local Bodies |
| 3. Financing of Municipal Corporations from Private Sources |
| 4. Uses of Funds |
| 5. Credit Rating of ULBs |
| 6. Municipal Bond Market Development in India |
| 7. Conclusion |
| Chapter IV: Way Forward |
| References |
| Explanatory Note on Data Sources, Methodology and Limitations |
| LIST OF BOXES |
| I.1 FC- XV Recommendations for Local Governments |
| II.1 Scope and Opportunities for Property Taxes in India |
| II.2 Determinants of Expenditure Quality of Municipal Corporations |
| III.1 Municipal Borrowings and Governance Reforms in South Africa |
| LIST OF TABLES |
| I.1 Functions Listed in the 12th Schedule of the Constitution |
| II.1 Revenue Receipts |
| II.2 MCs' Non-Tax Revenue |
| II.3 Municipal Corporations' Finances - Key Ratios for 2017-2020 |
| II.4 Expenditure of Municipal Corporations |
| III.1 Average Coupon Rate and Maturity Pattern of Municipal Bonds |
| III.2 Rating of Municipal Bonds by Different Rating Agencies |
| III.3 Bond issuances by State Pooled Finance Entities and other State-level Entities |
| III.4 Comparison of Municipal Laws Across States Regarding Borrowings |
| A1 Municipal Bonds - Year-wise Issuance |
| LIST OF CHARTS |
| I.1 Three-tiers of Governance Structure and Finance |
| I.2 Urban Infrastructure - A Cross-country Comparison |
| I.3 Sources of Local Government Revenues |
| I.4 State Finance Commissions (Constituted so far) |
| II.1 MCs’ Own Tax Revenue in 2017-18 |
| II.2 Property Taxes |
| II.3 Per-Capita Revenue Expenditure |
| II.4 Share of Capital Expenditure in Total Expenditure in 2018-19 |
| II.5 Ratio of Revenue Expenditure to Capital Expenditure in 2019-20 (BE) |
| II.6 Municipal Borrowings in 2019-20 - Select Key Indicators |
| III.1 Outstanding Credit of Scheduled Commercial Banks to the Public Sector |
| III.2 Bond Financing for an ULB |
| III.3 Municipal Bond Issuance in India |
| III.4 Pooled Finance Mechanism |
| III.5 End Use of Municipal Bond Finance |
| III.6 Credit Ratings of Municipal Corporations (2018) |
| LIST OF STATEMENTS AND APPENDICES FOR MUNICIPAL BUDGETS 2019-20 |
| LIST OF STATEMENTS |
| 1. Revenue Receipts of Municipal Corporations - State-wise |
| 2. Own Revenue of Municipal Corporations - State-wise |
| 3. Own Revenue of Municipal Corporations - Key Ratios |
| 4. Revenue Expenditure of Municipal Corporations - State-wise |
| 5. Establishment Expenditure of Municipal Corporations - State-wise |
| 6. Operational and Maintainance Expenditure of Municipal Corporations - State-wise |
| 7. Administrative Expenses - State-wise |
| 8. Capital Outlay of Municipal Corporations - State-wise |
| APPENDICES |
| I. Revenue Receipts of Municipal Corporations |
| II. Revenue Expenditure of Municipal Corporations |