To the Members of Jammu Municipal Corporation JAMMU ...First Floor, House No – 2, Kachi Chawni, Jammu-180001. (0191) 2574700 Mobile: 9419661661, Email: [email protected] Web: Jammu

F i r s t F l o o r , H o u se N o – 2 , K a c h i C h a w n i , J a m m u - 1 8 0 0 0 1 . ( 0 1 9 1 ) 2 5 7 4 7 0 0 M o b i l e : 9 4 19 6 6 16 6 1 , E m a i l : j a m m u @ g k s u r e k a . c o m We b : w w w . g k su r e k a . c o m J a m m u D e l h i M u m b a i L u c k n o w C h e n n a i A m b i k a p u r M u z a f f a r p u r R a n c h i

INDEPENDENT AUDITOR’S REPORT

To the Members of Jammu Municipal Corporation

We have audited the accompanying financial statements of JAMMU MUNICIPAL CORPORATION,

JAMMU, which comprise of the Statement of Affairs as at March 31, 2014 and the related Income &

Expenditure account for the period then ended along with a summary of significant accounting

policies and the notes to Accounts.

The Management is responsible for the preparation of these financial statements in accordance with

the Jammu & Kashmir Municipal Accounting Manual. This responsibility includes the design,

implementation and maintenance of internal control relevant to the preparation of the financial

statements that are free from material misstatement, whether due to fraud or error.

We conducted our audit in accordance with the Standards on Auditing issued by the Institute of

Chartered Accountants of India. Those standards require that we comply with ethical requirements

and plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free from material misstatement.

An audit involved performing procedures to obtain audit evidence about the amounts and disclosures

in the financial statements. An audit also includes assessing the accounting principles used and

significant estimates made by the management, as well as evaluating the overall financial statement

presentation.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion.

In our opinion and to the best of our information and according to the explanations given to us, the

financial statements of JAMMU MUNICIPAL CORPORATION for the year ended March 31, 2014 read

together with the Significant Accounting Policies and notes thereon are prepared, in all material

respects in accordance with the Jammu & Kashmir Municipal Accounting Manual.

For G K SUREKA & CO

Chartered Accountants

F.R.N – 513018C

CA. SANCHIT GUPTA

Partner JAMMU

M.R.N – 534700

Amount in ₹

Code

No.Particulars Sch. No. As at 31st March 2014

As at 31st March

2013

LIABILITIES

Reserve & Surplus

310 Municipal (General) Fund B-1 90,34,90,486.00 95,59,17,132.00

311 Earmarked Funds / Trust or Agency Funds B-2 7,78,44,698.00 7,56,41,899.00

312 Reserves B-3 93,17,28,389.96 93,17,28,389.96

Total Reserves & Surplus 1,91,30,63,573.96 1,96,32,87,420.96

320 Grants & Contributions for Specific Purposes B-4 7,61,54,398.00 7,56,82,692.00

Loans

330 Secured Loans B-5 - -

331 Unsecured Loans B-6 - -

Total Loans 7,61,54,398.00 7,56,82,692.00

Current Liabilities & Provisions

340 Deposits Received B-7 4,02,03,221.00 3,57,84,730.00

341 Deposits (Works) B-8 7,98,096.00 7,32,371.00

350 Other Liabilities (Sundry Creditors) B-9 2,00,99,486.00 1,76,09,873.00

360 Provisions B-10 - -

Total Current Liabilities & Provisions 6,11,00,803.00 5,41,26,974.00

TOTAL LIABILITIES 2,05,03,18,774.96 2,09,30,97,086.96

ASSETS

Fixed Assets B-11

410 Gross Block 2,85,23,82,214.00 2,61,02,40,293.00

411 Less: Accumulated Depreciation 1,54,66,39,354.00 1,38,49,24,338.00

Net Block 1,30,57,42,860.00 1,22,53,15,955.00

412 Captal Work in Progress 13,91,32,609.00 13,91,32,609.00

Total Fixed Assets 1,44,48,75,469.00 1,36,44,48,564.00

Investments

420 Investments - General Funds B-12 18,43,07,002.00 26,57,75,376.00

421 Investments - Other Funds B-13 - -

Total Investments 18,43,07,002.00 26,57,75,376.00

Current Assets, Loans and Advances

430 Stock in Hand (Inventories) B-14 3,04,11,883.11 2,56,65,570.00

431 Sundry Debtors (Receivables) B-15

Gross Amount Outstanding -

Less: Accumulated Provision against Bad and Doubtful

Receivables -

Net Amount Outstanding - -

440 Prepaid Expenses B-16 - 3,52,390.00

450 Cash & Bank Balances B-17 36,10,71,465.67 40,65,19,828.96

460 Loans, Advances and Deposits

Gross Amount Outstanding B-18 2,96,52,955.18 3,03,35,358.00

461 Less: Accumulated Provision against Loans B-18A -

Net Amount Outstanding 2,96,52,955.18 3,03,35,358.00

Total Current Assets, Loans and Advances 42,11,36,303.96 46,28,73,146.96

470 Other Assets B-19 - -

480 Miscellaneous Expenditure to the extent not written off B-20 - -

TOTAL ASSETS 2,05,03,18,774.96 2,09,30,97,086.96

Signed in terms of our report annexed

For & On Behalf of Jammu Municipal Corporation for G K Sureka & Co.


(Firm Registration No. 513018C)

(Sh. Manmohan Singh) (KAS) (Sh. Neeraj Gupta) (KAS) (CA. Sanchit Gupta)

Commissioner Chief Accounts Officer Partner

ICAI Membership No. 574700

JAMMU MUNICIPAL CORPORATION

STATEMENT OF AFFAIRSAS AT 31st MARCH 2014

Page 1

Amount in ₹

Code

No.Particulars Sch. No.

For the Year Ended

31.03.2014

INCOME

110 Tax Revenue I-1 21,28,635.00

120 Assigned Revenues & Compensation I-2 -

130 Rental Income from Municipal Properties I-3 98,49,752.00

140 Fee & User Charges I-4 10,28,94,680.00

150 Sale & Hire Charges I-5 1,14,02,656.00

160 Revenue Grants, Contributions & Subsidies I-6 60,62,00,000

170 Income from Investments I-7 -

171 Interest Earned I-8 1,69,08,089.00

180 Other Income I-9 1,69,858.00

A TOTAL INCOME 74,95,53,670.00

EXPENDITURE

210 Establishment Expenses I-10 45,83,36,405.00

220 Administrative Expenses I-11 4,90,03,055.00

230 Operations & Maintenance I-12 13,23,94,808.00

240 Interest & Finance Expenses I-13 -

250 Programme Expenses I-14 -

260 Revenue Grants, Contributions & subsidies I-15 -

270 Provisions & Write Off I-16 -

271 Miscellaneous Expenses I-17 5,31,032.00

272 Depreciation 16,17,15,016.00

B TOTAL EXPENDITURE 80,19,80,316.00

A-BGross Surplus / (Deficit) of Income over Expenditure before Prior Period Items -5,24,26,646.00

280 Add: Prior Period Items (Net) I-18 -

Gross Surplus / (Deficit) of Income over Expenditure after Prior Period Items -5,24,26,646.00

290 Less: Transfer to Reserve Funs

Net Balance being Surplus / (Deficit) carried over to Municipal Fund -5,24,26,646.00

Signed in terms of our report annexed

For & On Behalf of Jammu Municipal Corporation for G K Sureka & Co.


(Firm Registration No. 513018C)

(Sh. Manmohan Singh) (KAS) (Sh. Neeraj Gupta) (KAS) (CA. Sanchit Gupta)

Commissioner Chief Accounts Officer Partner

ICAI Membership No. 574700


INCOME & EXPENDITURE STATEMENTFOR THE YEAR ENDED 31st MARCH 2014

Page 2

Amount in ₹

Code

No.Particulars Opening Balance Additions Total Deductions Balance

1 2 3 4 5(3+4) 6 7(5-6)

310-10 Municipal Fund 28,56,35,801.00 28,56,35,801.00 28,56,35,801.00

Excess of Income over

Expenditure 67,02,81,331.00 67,02,81,331.00 5,24,26,646.00 61,78,54,685.00

Total Municipal Fund 95,59,17,132.00 - 95,59,17,132.00 5,24,26,646.00 90,34,90,486.00

* Addition includes contributions towards the fund, Adjustments to Opening Balance sheet and also excess of

income over expenditure

** Deduction includes contributions from the fund, adjustments to Opening Balance sheet and also excess of

expenditure over the income


Schedule B-1: Municipal (General) Fund [Code No. 310] For the Year 2013-2014

310-90

Page 3

Amount in ₹

Particular CCDP Fund MP/MLA Fund BSUP Fund JUDA Fund ERA Others Total

(a) Opening Balance 2,42,01,046.00 1,72,60,719.00 2,14,93,417.00 8,90,545.00 33,63,283.00 84,32,889.00 7,56,41,899.00

(b) Additions to the Special Fund -

(i) Transfer from Municipal Fund

(ii) Interest/Dividend earned on Special Fund Investments

(iii) Profit on disposal of Special Fund Investments

(iv) Appreciation in value of Special Fund Investments

(iv) Other addition (Specify nature)

Total (b) 8,34,50,000.00 3,87,000.00 - 50,10,000.00 - 8,88,47,000.00

Total (a+b) 10,76,51,046.00 1,76,47,719.00 2,14,93,417.00 8,90,545.00 83,73,283.00 84,32,889.00 16,44,88,899.00

(c) Payments out of funds -

(i) Capital expenditure on -

Fixed Assets 6,01,11,958.00 63,50,286.00 1,94,04,453.00 - 5,90,855.00 1,86,649.00 8,66,44,201.00

Others -

Sub-total 6,01,11,958.00 63,50,286.00 1,94,04,453.00 - 5,90,855.00 1,86,649.00 8,66,44,201.00

(ii) Revenue Expenditure on -

Salary ,wages and allowances etc.

Rent

Other administrative charges

Sub-total - - - - -

(iii) Other: -

Loss on disposal of Special Fund Investments -

Diminution in value of Special Fund Investments -

Transferred to Municipal Fund -

Sub-total - - - - -

Total of (i+ii+iii) (C ) 6,01,11,958.00 63,50,286.00 1,94,04,453.00 - 5,90,855.00 1,86,649.00 8,66,44,201.00

Net balance at the year end - (a+b)-(c ) 4,75,39,088.00 1,12,97,433.00 20,88,964.00 8,90,545.00 77,82,428.00 82,46,240.00 7,78,44,698.00

Note:

under "Funds" on liability side.


1,69,87,000.00 8,34,50,000.00 3,87,000.00 10,58,34,000.00 50,10,000.00

Schedule B-2: Earmarked Funds / Trust or Agency Funds [Code No. 311] For the Year 2013-2014

All funds are to be shown as separte fund either in the schedule or in a separate schedule with the corresponding indication in the balance sheet

-

Page 4

Amount in ₹

Code No. Particulars Opening Balance Additions Total Deductions Balance

1 2 3 4 5(3+4) 6 7(5-6)

312-10 Capital Contribution 93,17,28,389.96 93,17,28,389.96 93,17,28,389.96

312-11 Capital Reserve - -

312-20 Borrowing Redemption Reserve - -

312-30 Special Funds (Utilised) - -

312-40 Statutory Reserve - -

312-50 General Reserve - -

312-60 Revaluation Reserve - -

Total Reserve Funds 93,17,28,389.96 - 93,17,28,389.96 - 93,17,28,389.96

JAMMU MUNICIPAL CORPORATIONSchedule B-3: Reserves [Code No 312] For the Year 2013-2014

Assets capitalised out of Capital Grants (Plan Funds) are not known. Hence no assumptions could be made with respect to fixed assets and

consequently Capital Reserve balance is considered as NIL.

Note:

Page 5

Amount in ₹

Grants from central Grants from state

Government Government

59,93,249.00 6,96,89,443.00 7,56,82,692.00

Total (b) - 1,10,27,000.00 - 1,10,27,000.00

59,93,249.00 8,07,16,443.00 - 8,67,09,692.00

Others

40,78,025.00 64,77,269.00 - 1,05,55,294.00

Rent

-

-

40,78,025.00 64,77,269.00 - 1,05,55,294.00

19,15,224.00 7,42,39,174.00 - 7,61,54,398.00

7,61,54,398.00

Note :

1,10,27,000.00

Schedule B-4: Grants & Contribution for Specific Purposes[Code No. 320] For the Year 2013-2014

(a) Opening Balance

(b) Additions to the Grants

(i) Grants received during the year

(ii)Interest /Dividend earned on Grant Investments

(iii) Profit on disposal of Grant Investments

(iv) Other addition (Specify nature)


Particular Grants from Others Total Grants

Total (a+b)

(c) Payments out of funds 40,78,025.00 64,77,269.00

1,10,27,000.00

(iv) Appreciation in value of Grant Investments

(i) Capital expenditure on

Fixed Assets

Sub-total

(ii) Revenue Expenditure on

Salary ,wages and allowances etc.

Total of (i+ii+iii) (C )

Other administrative charges

Sub-total

(iii) Other:

Loss on disposal of Special Fund Investments

Diminution in value of Special Fund Investments

Transferred to Municipal Fund

Sub-total

Net balance at the year end - (a+b)-(c )

Grand Total of special Funds

Plan funds Received from Central / State Government are to be shown as grant funds and not to be mixed with earmarked funds.

* For transferring Completed capital assets, the fund would be deibited to the extent of the expenditure incurred.

Page 6

Amount in ₹

Code No. ParticularsBalance as at

31.03.2014

Balance as at

31.03.2013

1 2 3 4

330-10 Loans from central Government

330-20 Loans from State Government

330-30 Loans from Govt. bodies & Associations

330-40 Loans from International agencies

330-50 Loans from banks & other financial

330-60 Other Term Loans

330-70 Bonds & debentures

330-80 Other Loans

Total Secured Loans - -

Note:

Amount in ₹


31.03.2014

Balance as at

31.03.2013

1 2 3 4

331-10 Loans from central Government

331-20 Loans from State Government

331-30 Loans from Govt. bodies & Associations

331-40 Loans from International agencies

331-50 Loans from banks & other financial

331-60 Other Term Loans

331-70 Bonds & debentures

331-80 Other Loans

Total Unsecured Loans - -

Note:

1. The nature of the security shall be specified in each of these categories


Schedule B-5: Secured Loans [Code No 330]

Rate of Interest and Orginal Amount of loan and outstanding can be previded for every Loan

under each of these categories seprately.

2. Particulars of any guarantees given shall be disclosed

3. Terms of redemption (if any) of bonds / debentures issued shall be stated, together with the

4. Rate of interest and Original Amount of loan and Outstanding can be provided for every loan

5. For loans disbursed directly to an Executing Agency, Please specify the name of the Project for

Schedule B-6:Unsecured Loans [Code No 331]

Page 7

Amount in ₹

Code

No.Particular

Balance as at

31.03.2014

Balance as at

31.03.2013

1 2

340-10 From Contractors 1,02,07,630.00 93,11,966.00

340-20 From revenues

340-30 From Staffs

340-40 From Malba/Septic tanks

Earlier Years 2,19,98,528.00 2,19,98,528.00

2012-13 37,15,443.00 44,74,236.00

2013-14 42,81,620.00

340-80 From others - -

Total deposits received 4,02,03,221.00 3,57,84,730.00

Amount in ₹

Code

No.Particulars Opening Balance Additions

Utilisation/

Amount

Returned

Balance Amount

1 2 3 4 5 6

341-10 Deposits (Civil) 7,32,371.00 65,725.00 7,98,096.00

341-20 Electrical Works - -

341-80 Others - - -

Total of Deposits 7,32,371.00 65,725.00 - 7,98,096.00

Amount in ₹

1 2

350-10 Creditors - -

350-11 Employee Liabilities 1,30,37,643.00 1,21,64,421.00

350-12 Interest Accrued and Due - -

350-20 Recoveries Payable 8,36,802.00 7,62,372.00

350-30 Government Dues Payable 62,25,041.00 46,83,080.00

350-35 Branch/Division -

350-40 Refunds Payable - -

350-41 Advance Collection of

Revenues

-

350-80 Others -

Total Other Liabilities (

Sundry Creditors) 2,00,99,486.00 1,76,09,873.00

Amount in ₹

Code

No.Particular

Balance as at

31.03.2014

Balance as at

31.03.2013

1 2

360-10 Provision for Expenses

360-20 Provision For Interest

360-30 Provision for Other Assets

Total Provisions - -

Schedule B-9: Other Liabilities ( Sundry Creditors ) [Code No. 350]

JAMMU MUNICIPAL CORPORATIONSchedule B-7:Deposits Received [Code No 340]

Schedule B-8: Deposits Works [Code No 341] For the Year 2013-2014

Code

No. Particulars

Schedule B-10: Provisions [Code No 360]

Balance as at

31.03.2014

Balance as at

31.03.2013

Page 8

Amount in ₹

Opening Balance Additions

exceeding 180

Days

Additions not

exceeding 180

Days

Deductions Cost as on 31st March

2014

Opening Balance Addition Deductions Total as on 31st

March 2014

31st March 2014 31st March 2013

Land 6,92,48,119.00 96,79,430.00 1,03,24,006.00 - 8,92,51,555.00 0.00% - - - - 8,92,51,555.00 6,92,48,119.00

Buildings 34,15,10,501.00 2,89,33,626.00 2,17,55,100.00 - 39,21,99,227.00 1.33%

411-20 3,28,58,754.00 50,71,578.00 - 3,79,30,332.00 35,42,68,895.00 30,86,51,747.00

Infrastructure Assets -

Road and Bridges 90,96,13,735.00 4,98,62,105.00 5,61,86,598.00 - 1,01,56,62,438.00 6.67%

411-30 61,18,84,761.00 6,58,70,862.00 - 67,77,55,623.00 33,79,06,815.00 29,77,28,974.00

Sewerage and Drainage 1,09,39,16,101.00 3,64,17,725.00 2,28,54,930.00 - 1,15,31,88,756.00 6.67%

411-31 62,54,17,990.00 7,61,55,478.00 - 70,15,73,468.00 45,16,15,288.00 46,84,98,111.00

Water Works 14,98,169.00 - - - 14,98,169.00 4.00%

411-32 53,998.00 59,927.00 - 1,13,925.00 13,84,244.00 14,44,171.00

Public Lighting 4,99,78,411.00 14,29,000.00 - - 5,14,07,411.00 3.33%

411-33 4,61,12,511.00 17,11,867.00 - 4,78,24,378.00 35,83,033.00 38,65,900.00

Statues 29,96,969.00 14,00,875.00 6,15,400.00 - 50,13,244.00 1.33%

411-34 39,386.00 62,584.00 - 1,01,970.00 49,11,274.00 29,57,583.00

Other assets -

Plants & Machinery 39,19,372.00 - - - 39,19,372.00 6.67%

411-40 6,54,062.00 2,61,422.00 - 9,15,484.00 30,03,888.00 32,65,310.00

Vehicles 9,53,05,261.00 2,45,000.00 - - 9,55,50,261.00 6.67%

411-50 4,90,57,609.00 63,73,202.00 - 5,54,30,811.00 4,01,19,450.00 4,62,47,652.00

Office & other equipment 1,50,87,661.00 17,69,853.00 1,87,073.00 - 1,70,44,587.00 20.00%

411-60 94,47,052.00 33,90,210.00 - 1,28,37,262.00 42,07,325.00 56,40,609.00

Furniture,fixtures,fittings -

including electricals 56,13,460.00 - 59,000.00 - 56,72,460.00 20.00%

411-70

38,06,317.00 11,28,592.00 - 49,34,909.00 7,37,551.00 18,07,143.00

Furniture,fixtures,fittings

(non electrical) 47,99,652.00 2,16,045.00 2,06,155.00 - 52,21,852.00 10.00% 26,63,588.00 5,11,877.00 - 31,75,465.00 20,46,387.00 21,36,064.00

Other Fixed assets 1,67,52,882.00 - - - 1,67,52,882.00 6.67%

411-80 29,28,310.00 11,17,417.00 - 40,45,727.00 1,27,07,155.00 1,38,24,572.00

Subtotal 2,61,02,40,293.00 12,99,53,659.00 11,21,88,262.00 - 2,85,23,82,214.00 1,38,49,24,338.00 16,17,15,016.00 - 1,54,66,39,354.00 1,30,57,42,860.00 1,22,53,15,955.00

Capital work in progress 13,91,32,609.00 - - 13,91,32,609.00 - - - 13,91,32,609.00 13,91,32,609.00

Total 2,74,93,72,902.00 12,99,53,659.00 11,21,88,262.00 - 2,99,15,14,823.00 1,38,49,24,338.00 16,17,15,016.00 - 1,54,66,39,354.00 1,44,48,75,469.00 1,36,44,48,564.00

410-31

JAMMU MUNICIPAL CORPORATIONSchedule B-11: Fixed Assets [Code No 410 & 411]

Code No. Particulars

Gross Block

Rate of Dep.

Code

No.

Accumulated Depreciation Net Block

410-10

410-20

410-30

410-32

410-33

410-34

410-40

410-50

410-60

410-70

410-80

Page 9

Amount in ₹

Particular

With whom

invested

Face value Current Year

Carrying Cost

Previous Year

Carrying Cost

2 5 6

Central Government

Securities

State Government Securities

Debentures and Bonds

Preference Shares

Equity Shares

Units of Mutual Funds

Other Investments

- 18,43,07,002.00 26,57,75,376.00

Amount in ₹

ParticularWith whom

investedFace value

Current Year

Carrying Cost

Previous Year

Carrying Cost

2 3 4 5 6

Central Government

Securities

State Government Securities

Debentures and Bonds

Preference Shares

Equity Shares

Units of Mutual Funds

Other Investments

- - -

Amount in ₹

ParticularBalance as at

31.03.2014

Balance as at

31.03.2013

2 3 4

Stores 3,04,11,883.11 2,56,65,570.00

Loose Tools

Others - -

Total Stock in Hand 3,04,11,883.11 2,56,65,570.00

1

JAMMU MUNICIPAL CORPORATIONSchedule B-12: Investments -General Fund [Code No 420] For the Year 2013-2014

Code

No.

420-10

18,43,07,002.00 26,57,75,376.00

420-20

420-30

420-40

420-50

420-60

420-70

Total of Investments General Funds

Schedule B-13: Investments -Other Funds [Code No 421] For the Year 2013-2014

Bank Super Saver

Accounts

Code

No.

1

421-10

Fixed deposit

421-20

421-30

421-40

421-50

421-60

421-80

Total of Investments General Funds

Schedule B-14:Stock in Hand (Inventories) [Code No 430]

Code

No.

1

430-10

430-20

430-30

Page 10

Amount in ₹

Gross Amount as

on

31st March 2014

2 3 4 5 6

Receivables for Building Rent

Less then 5 years*

More then 5 years*

Sub- Total

Less: state Government Cesses / Levies in Taxes-

Receivables Advt. Tax-Hoarding

Less then 5 years*

More then 5 years*

Sub- Total

Receivables Installation and Permission

Less then 5 years*

More then 5 years*

Sub- Total

Receivable of Other Taxes

Less then 3 years*

More then 3 years*

Sub- Total

Less: state Government Cesses / Levies in Taxes-

Control Accounts

Receivables for Fees and User Charges

Less then 3 years*

More then 3 years*

Sub- Total

Receivables from Other Sources

Less then 3 years*

More then 3 years*

Sub- Total

Provision for O/s Cess

Total of Sundry Debtors ( Receivables) - - - -

JAMMU MUNICIPAL CORPORATIONSchedule B-15: Sundry Debtors ( Receivables) [Code No. 431]

Code

No.Particulars

Provision for

Outstanding revenues as

on 31st March 2014

Net Amount as on

31st March, 2014

Net Amount as

on 31st

March,2013

431-20

1

431-10

431-11

431-12

431-91

431-30

431-40

Property Tax receivable has not been considered in compliance with the modified accrual system of accounting considering the self through

431-50

The Provision made against accrual items would not affect the opening / closing balance of the Demand and Collection Ledgers for the purpose

of recovery of dues from the concerned parties / individuals

Page 11

Amount in ₹

Code No. ParticularBalance as at

31.03.2014

Balance as at

31.03.2013

1 2 3 4

440-10 Establishment

440-20 Administrative

440-30 Operations & Maintenance

Total Prepaid Expenses - 3,52,390.00

Amount in ₹


31.03.2014

Balance as at

31.03.2013

1 2 3 4

450-10 Cash - -

Balance with Bank-Municipal Funds

450-20 Nationalised Banks 3,52,28,158.67 11,34,14,348.96

450-22 Other Scheduled Banks 32,62,39,674.00 27,03,60,738.00

450-23 Scheduled Co-Operative Banks

450-24 Post Office

Sub-Total 36,14,67,832.67 38,37,75,086.96

Balance with Bank-Special Funds

450-41 Nationalised Banks - 2,31,41,109.00

450-42 Other Scheduled Banks


450-44 Post Office

Sub-Total - 2,31,41,109.00

Balance with Bank- Grant Funds

450-61 Nationalised Banks

450-62 Other Scheduled Banks


450-64 Post Office

Suspense -3,96,367.00 -3,96,367.00

Total Cash and Bank balances 36,10,71,465.67 40,65,19,828.96

Schedule B-17: Cash and Bank Balances [Code No 450]

JAMMU MUNICIPAL CORPORATIONSchedule B-16: Prepaid Expenses [Code No 440]

- 3,52,390.00

Page 12

Amount in ₹

Balance

Outstanding

1 2 3 4 5 6

460-10 Loans and advances to employees 2,85,99,372.00 4,13,45,385.00 4,20,27,787.82 2,79,16,969.18

460-20 Employee Provident Fund Loans

460-30 Loans to Others

460-40 Advance to Suppliers and Contractors

460-50 Advance to Others

460-60 Deposit with External Agencies

460-80 Other Current Assets 17,35,986.00 17,35,986.00

Sub- Total 3,03,35,358.00 4,13,45,385.00 4,20,27,787.82 2,96,52,955.18

Less: Accumulated Provisions against

Loans, Advances and Deposirts ( Schedule

B-18 (A) )

Total Loans, Advances and Deposits 3,03,35,358.00 4,13,45,385.00 4,20,27,787.82 2,96,52,955.18

Amount in ₹


31.03.2014

1 2 3

461-10 Loans to Others

461-20 Advances

461-30 Deposits

Total Accumulated Provision

Note:

JAMMU MUNICIPAL CORPORATIONSchedule B-18: Loans, Advances and Deposits [Code No. 460] For the Year 2013-2014

Code No. ParticularsOpening

BalancePaid Recovered

The totals of this schedule should be equalling to the amount as per the total in Schedule B-18

46

1-

Schedule B-18A: Accumulated Provisions against Loans, Advances and Deposits [Code No. 461]

Page 13

Amount in ₹

Code

No.Particular

Balance as at

31.03.2014

Balance as at

31.03.2013

1 2 3 4

470-10 Deposits Works

470-20 Inter Unit Accounts

470-30 Interest Control Payable

470-40 Collection Control accounts

Total Other Assets 0 0

Amount in ₹

Code

No.Particular

Balance as at

31.03.2014

Balance as at

31.03.2013

1 2 3 4

480-10 Loan Issue Expenses Deferred

480-20 Discount on issue of Loans

480-30 Deferred Revenue Expenses

480-90 Others

Total Miscellaneous Expediture

JAMMU MUNICIPAL CORPORATIONSchedule B-19: Other Assets [Code No.470]

Schedule B-20: Miscellaneous Expenditure (to the extent not written off) [Code No.480]

Page 14

Amount in ₹

Minor

Code No.

Particular For the Year Ended

31.03.2014

1 2 3

110-10 House Tax

110-20 Water Charges

110-03 Sewerage Tax

110-04 Conservancy Tax

110-05 Lighting Tax

110-06 License Fees

110-07 Vehicle Tax

110-08 Tax on Animals

110-09 Electricity Tax

110-11 Advertisement Tax 46,000.00

110-12 Trade Tax 6,82,635.00

110-13 Shop Tax

110-14 Boat Tax

110-80 Other Taxes 14,00,000.00

Sub-total 21,28,635.00

Less:

Tax Remissions and Refund [ Schedule 1 - 1(a)]

Sub-total 0.00

Total tax revenue 21,28,635.00

Amount in ₹

Code No. Particulars For the Year Ended

31.03.2014

1 2 3

Property taxes

Octroi and toll

Cess Income

Advertisement tax

Others

Total refund and remission of tax revenues -* Insert the Detailed Codes of Account as applicable

Note : The total of this Schedule should be equalling to the amount as per the

total in Schedule I-1

JAMMU MUNICIPAL CORPORATIONSchedule I-1 Tax Revenue [Code No. 110]

110-90

Schedule I-1 (a) Remission and Refund of Taxes

110-01 -

Page 15

Amount in ₹

Particulars For the Year Ended

31.03.2014

2 3

Taxes and Duties Collected by others

Compensation in lieu Taxes/ Duties

Compensation in lieu of Concessions

Total assigned revenues & compensations

Amount in ₹


31.03.2014

2 3

Rent From Market/community hall/grounds

Rent from Shops

Rent from Guest Houses

Rent from lease lands

Rent from BSNL for road cutting

Sub - Total 98,49,752.00

Less:

Rent Remissions and refunds

Sub - Total 0.00

Total Rental Income from Municipal Propreties 98,49,752.00

Amount in ₹


31.03.2014

2 3

Empanelment Fees

Licensing Fees 3,70,29,460

Fees from Sanction of Plan 4,06,35,346

Fees for Certificate or Extract 10,56,610

Development Charges 6,20,640

Regularization Fees

Revenue from Penalty & Fines 43,29,790

Other Fees 65,68,557

User Charges 1,26,54,277

Property Transfer (Residential) 0

Service/Administrative Charges

Other Charges

Sub - Total 10,28,94,680

Less: Rent Remissions and Refunds 0.00

Total Income from Fees & User Charges 10,28,94,680

Schedule I-2 : Assigned Revenues & Compensation [ Code No. 120]

Code No.

1

120-20

120-30

Schedule I-3 : Rental income from Municipal Properties [ Code No. 130]

130-20

130-30

130-40

130-50

120-10

140-50

140-60

Code No.

1

140-10

140-11

140-12

140-13


140-14

140-15

140-20

140-40

130-90

0.00

Schedule I-4 : Fees & User Charges [ Code No. 140]

Code No.

1

130-10 98,49,752.00

140-70

140-80

140-90

Page 16

Amount in ₹


31.03.2014

2 3

Sale of garbage

Sale of Forms & Pulications 2,36,300.00

Sale of stores & scrap 93,89,219.00

Sale of others 16,55,170.00

Hire Charges for vehicles 1,21,967.00

Hire Charges for Equipment

Hire Charges - Others

Total Income from Sale & Hire Charges - 1,14,02,656.00

Income Head - Wise

Amount in ₹


31.03.2014

2 3

Revenue Grant 60,62,00,000.00

Re-imbursement of expenses

Contribution towards schemes

Total Revenue Grants, Contributions & 60,62,00,000.00

Subsidies

Amount in ₹


31.03.2014

2 3

Interest on Fixed deposit

Dividend

Income from other

Building Premiums

Total Revenue Grants, Contributions &

Subsidies

150-10

150-11

150-12

150-30

150-40

Schedule I-5 : Sale & Hire Charges [ Code No. 150]

Code No.

1

Schedule I-6 : Revenue Grants, Contributions & Subsidies [ Code No. 160]

Code No.

150-41

170-50

170-30


Schedule I-7 : Income from Investments - General Fund [ Code No. 170]

Code No.

1

170-10

170-20

1

160-10

160-20

160-40

150-42

Page 17

Amount in ₹


31.03.2014

2 3

Interest from Bank Accounts 1,69,08,089.00

Interest on Loans and advances to

Employees

Interest on Loans to Others

Other Interests

Total Interest Earned 1,69,08,089.00

Amount in ₹


31.03.2014

2 3

Stam Duty

Lapsed Deposits

Insurance Claim Recovery

Profit on Disposal of Fixed Assets

Recovery from Employees

Unclaimed Refund Liabilities

Miscellaneous Income 1,69,858.00

Total Other Income 1,69,858.00

Amount in ₹


31.03.2014

2 3

Salaries, Wages and Bonus 44,33,24,709.00

Benefits and Allowances 28,12,715.00

Pension

Other Terminal & Retirement Benefits 1,21,98,981.00

Total establishment expenses - expenses 45,83,36,405.00

head wise

171-80

Schedule I-9 : Others Income [ Code No. 180]

Code No.

1

1

171-10

171-20

171-30


Schedule I-10 : Esteblishment Expenses [ Code No. 210]

Code No.

1

180-20

180-30

180-40

180-50

180-80

180-11

Schedule I-8 : Interest Earned [ Code No. 171]

Code No.

180-10

210-30

210-40

210-10

210-20

Page 18

Amount in ₹


31.03.2014

2 3

Rent, Rates and Taxes 46,500.00

Office Maintenance 52,58,155.00

Communication Expenses 7,57,090.00

Books & Periodicals

Printin and Stationery 14,76,011.00

Travelling & Conveyance 3,48,59,188.00

Insurance 2,92,394.00

Advertisement and Publicity 43,34,586.00

Legal Expenses 16,55,154.00

Professional and Other Fees 3,23,977.00

Membership & subscription

Other Administrative Expenses

Total administrative expenses - expenses 4,90,03,055.00

head wise

Amount in ₹


31.03.2014

2 3

Power & Fuel 32,28,762

Bulk Purchases

Consumption of Stores 9,28,51,953

Hire Charges 23,29,048

Repairs & Maintenance - Infrastructure 58,48,761

Assets

Repairs & Maintenance - Civic Amenities 10,07,410

Repairs & Maintenance - Buildings 32,77,285

Repairs & Maintenance - Vehicles 1,13,53,871

Repairs & Maintenance - Others 25,28,976

Other operting & maintenance expenses 99,68,742

Total operative & maintenance 13,23,94,808

expenses - expenses head wise

220-30

Schedule I-11: Aministrative Expenses [ Code No. 220]

Code No.

1

220-10

220-11

220-12

220-20

220-21

230-80

230-10

230-20

230-30

230-40

230-50


230-51

230-52

230-53

230-59

Schedule I-12: Operations and Maintenance [ Code No. 230]

Code No.

1

220-40

220-60

220-51

220-52

220-60

220-80

Page 19

Amount in ₹


31.03.2014

2 3

Interest on Loans from Central Government

Interest on Loans from State Government

Interest on Loans from Government Bodies &

Associations

Interest on Loans from International Agencies

Interest on Loans from Banks & Other Financial

Institutions

Other Interest

Bank Charges

Other Finance Expenses

Totol Interest & Finance Charges

Amount in ₹


31.03.2014

2 3

Election Expenses

Own Programmes

Share in Programmes of Others

Total Programme Expenses -

Amount in ₹


31.03.2014

2 3

Grants [ give details ]

Contribution [ give details ]

Subsidies [ give details ].

Total Revenue Grants, Contributions &

Subsidies

Schedule I-13: Interest & Finance Charges [ Code No. 240]

Code No.

1

Schedule I-14: Programme Expenses [ Code No. 250]

Code No.

1

240-10

240-20

240-30

240-40

240-50

240-60

240-70


Code No.

1

260-10

260-20

260-30

250-10

250-20

250-30

Schedule I-15: Revenue Grants, Contributions & Subsidies [ Code No. 260]

240-80

Page 20

Amount in ₹


31.03.2014

2 3

Provisions for Doubtful receivables

Provisions for other Assets

Revenues written off

Assets written off

Miscellaneous Expense written off

Total Provisions & Write off

Amount in ₹


31.03.2014

2 3

Loss on Disposal of Assets

Loss on Disposal of Investments

Other Miscellaneous Expenses

Total Miscellaneous Expenses 5,31,032

Amount in ₹


31.03.2014

2 3

Income

Taxes

Other - Revenues

Recovery of revenues written off

Other Income

Sub- Total Income (a)

Expenses

Refund of Taxes

Refund of Other - Revenues

Other Expenses

Sub- Total Expenses (b)

Total Prior Period (Net) (a-b) 0

Code No.

1

Schedule I-16: Provisions & Write off [ Code No. 270]

270-10

270-20

270-30

270-40

270-50

271-20

271-80

Code No.

1

Schedule I-17: Miscellaneous Expenses [ Code No. 271]

280-10

280-20

280-30

280-40


280-60

280-80

280-50

Code No.

1

Schedule I-18: Prior Period Items (Net) [ Code No. 280]

271-10

5,31,032

Page 21

Notes to Accounts for the year 2013-14 Page 22

SIGNIFICANT ACCOUNTING POLICIES & NOTES TO ACCOUNTS FOR THE FINANCIAL YEAR 2013-14:-

The Financial Statements are compiled with the Schedules and the Significant Policies and Notes on

Accounts adopting the Formats as per the Jammu & Kashmir Municipal Accounting Manual in

consonance with the Accounting Standards of the Institute of Chartered Accountants of India, to the

extent applicable, feasible and relevant to the Corporation. The Financials are prepared for the Jammu

Municipal Corporation (JMC) as a whole consolidating the various departments of JMC.

A. Significant Accounting Policies:

1) Grants:

a) General Grants, which are of a revenue nature, are recognized as income on actual receipt. Grants

towards revenue expenditure, received prior to the incurrence of the expenditure, and are treated as a

liability till such time that the expenditure is incurred.

Grants received or receivable in respect of specific revenue expenditure are recognized as income in the

accounting period in which the corresponding revenue expenditure is charged to the Income and

Expenditure Account.

b) Grants received towards capital expenditure are treated as a liability till such time that the fixed asset is

constructed or acquired. On construction / acquisition of a fixed asset out of the grants so received, the

extent of liability corresponding to the value of the asset so constructed / acquired stands reduced and

the asset so obtained is carried at nominal value.

c) Capital Grants received as a nodal agency or as implementing agency for an intended purpose, which

does not, result in creation of assets with ownership rights for JMC are treated as a liability till such time

it is used for the intended purpose. Upon utilization for the intended purpose, the extent of liability shall

stand reduced with the value of such utilization and no further treatment, as a capital receipt is required.

d) Grants in the form of non-monetary assets (such as fixed assets given at a concessional rate) are

accounted for on the basis is of the acquisition cost. In case a non-monetary asset is received free of

cost, it is recorded at a nominal value of Rupee One.

2) Incomes

a) Assigned revenues, if any, shall be accounted during the year only upon actual collection. However, at

year-end alone, these shall be accrued if sanction order (or proceedings) is passed and the amount

is ascertained.


b) Principal amount charged on long term lease are recognized as income in the year grant of lease.

Premium on the principal is recognized as income on an annual basis.

c) Revenue in respect of Advertisement rights and rent from properties are accounted on cash basis i.e. at

the time of collection.

d) Other income, in respect of which demand is ascertainable and can be raised in regular course of

operations of the MC, shall be recognized in the period in which they become due, i.e., when the bills are

raised.

e) The Other Incomes, which are of an uncertain nature or for which the amount is not ascertainable or

where demand is not raised in regular course of operations of the MC, shall be recognized on actual

receipt.

f) Interest on investment, loan and interest bearing advances is recognized on accrual basis.

3) Expenses:

a) Establishment Expenses have been booked on accrual basis.

b) For Insurance expenses related to vehicles and others, prepaid expenses wherever ascertainable have

been accounted for.

c) For other expenses, accounting is undertaken after payment of bill by the concerned department.

4) Fixed Assets

a) All the depreciable assets purchased or constructed are shown at historical cost of purchase or

construction less accumulated depreciation.

b) The cost of fixed assets include cost incurred / money spent in acquiring or installing or constructing

fixed asset and other incidental expenses incurred to bring them to their intended location and

condition.

c) Any addition or improvement to the fixed asset that results in increasing the utility or capacity or useful

life of the asset are capitalized and included in the cost of asset. Revenue expenditure in the nature of

repairs and maintenance incurred to maintain the asset and sustain its functioning or the benefit of

which is less than for a year, are charged off.

d) Assets under erection / installation on existing projects and capital expenditures on new projects are

shown as "Capital Work-in-Progress".

e) All assets costing less than Rs.5,000 (Rupees Five thousand) are capitalized and depreciated 100% in the

year of purchase itself.


5) Depreciation

a) Depreciation is provided on the Gross Value of the Asset. The corresponding depreciation on the Grants

portion of the asset is amortized from the ‘Reserve – Capital contribution’ to Income and Expenditure.

b) Depreciation on all depreciable fixed assets is provided consistently on Straight Line Method, at the rates

prescribed for urban local bodies in the Jammu & Kashmir Municipal Accounting Manual issued by the

Government of J&K.

c) Depreciation is provided at full rates for assets, which are purchased / constructed before October 1 of

an Accounting Year. Depreciation is provided at half the rates for assets, which are purchased /

constructed on or after October 1 of an Accounting Year. Similarly, additions / extensions /

improvements which are of capital nature and which becomes an integral part of that asset are

depreciated over the remaining useful life of the asset. Any addition or extension, which retains a

separate identity and is capable of being used after the existing asset is disposed of, is depreciated

independently on the basis of an estimate of its own useful life.

d) Depreciation is provided at full rates for assets, which are disposed on or after October 1 of an

Accounting Year. Depreciation is provided at half the rates for assets, which are disposed before October

1 of an Accounting Year.

6) Investments

a) Investments are disclosed distinctly as current investments and long term investments. Current

investments are by its nature readily realizable and are intended to be held for not more than one year

from the date on which such investment is made.

b) The carrying amount for current investments is the lower of cost and fair value. In respect of investments

for which an active market exists, market value generally provides the best evidence of fair value.

c) The cost of investment includes cost incurred in acquiring investment and other incidental expenses

incurred for its acquisition.

d) All long-term investments are carried / stated in the books of accounts at their cost. However in the event

of any diminution other than temporary in their value as on the date of balance sheet, these are

provided for by charging the diminution against revenue. Alternatively such diminution may be credited

to an Investment Revaluation Reserve.

e) Interests on investments are recognized on time proportionate basis.

f) Profit / loss, if any, arising on disposal of investment (net of selling expense such as commission,

brokerage, etc) from the Municipal Fund are recognized in the year when such disposal takes place.

g) Income on investments made from Special Fund and Grants under specific Scheme are recognized as

income and credited to the Income and Expenditure Account whenever accrued. Profit / loss, if any,

arising on disposal of investments (net of selling expense such as commission, brokerage, etc) made


from the Special Fund and Grants under specific Scheme are recognized as income and credited /

debited to the Income and Expenditure.

7) Inventory

a) The stock lying at the period-end shall be valued at cost in accordance with the First in – First out (FIFO)

Method.

b) Inventories of consumable supplies such as stationery, fuel, conservancy items shall be charged to

revenue at the time of purchase.

B. Notes on Accounts: 1) Schedule B-1: Municipal (General) Fund: This includes contributions towards the fund and also surplus or

deficit of Incomes over expenses.

2) Schedule B-2: Earmarked Funds / Trust or Agency Funds: Funds received by JMC as the executing agency on

behalf of other Governmental Organizations have been represented through this schedule.

3) Schedule B-3: Reserves

a) Capital Contribution represents the transfer of Grants Liability pertaining to the Acquired / Constructed

Assets.

b) Additions represent adjustments made to opening balances. 4) Schedule B-4: Grants, Contributions for Specific Purposes: Grants received from the Central as well as State

Government as towards specific purposes are accounted as a liability, until the related capital / revenue

expenditure is incurred, at which point, the amount is transferred to capital contribution or income and

expenditure statement as applicable.

5) Schedule B-7: Deposits Received: The balance represents the Earnest Money Deposit and Security Deposit

collected from the Vendors / Contractors. Also, Deposits held from the public as security towards Mulba

Removal / Septic Tank are also represented by this schedule.

6) Schedule B-8: Deposit Works: Deposit Works liability represents the amount received towards work

undertaken on behalf of other entities and to be handed over to such other entity as soon as the work is

completed.


7) Schedule B-9: Other Liabilities (Sundry Creditors): This represents amounts payable towards various

expenses as well as statutory dues remitted after the Balance Sheet date.

8) Schedule B-10: Provisions: Provision for various expenses as per information compiled from the various

departments is reflected under this head as Provisions.

9) Schedule B-11: Fixed Assets:

a) The cost of the assets transferred received as a gift has been considered as Re.1/.

b) The Assets considered in the financials are mainly the assets in active use provided by the Accounting

Units and the current year additions.

c) Accumulated Depreciation has been provided on the Opening Assets Balances.

d) The Capitalization has been done to the extent and based on the Work progress report received from

the divisions.

e) Fixed Assets includes assets which have been leased out on lease by the Corporation.

10) Schedule B-12: Investments – General Fund: Other Investments which is in the nature of Current

Investment represent the Fixed Deposits Investments made with the Banks. Consequently, the Investments

are unquoted investments.

11) Schedule B-14: Stock in Hand (Inventories): Inventories represent stock of materials (Electrical & Civil) lying

with the Corporation as at the end of the financial year.

12) Schedule B-15: Sundry Debtors (Receivables): No provision for doubtful debts has been considered in the

absence of ageing information.

13) Schedule B-17: Cash and Bank Balances: Bank balance represents the balance lying in the bank accounts of

the Corporation adjusted for items under reconciliation.

14) Schedule B-18: Loans, Advances and Deposits: Loans and Advances to Employees are represented under

this schedule.

15) Schedule I-1: Tax Revenue: This schedule mainly represents collection of tax levied by the Municipal

Corporation. Income is accounted for only after realization of income by Municipal Corporation.

16) Schedule I-3: Rental income from Municipal Properties: Municipal Corporation having various shops,

residential quarters and other building. Income from shops and residential quarters have been booked at the

time of receipt i.e. it is recorded only after collection.


17) Schedule I-4: Fees & User Charges: This mainly represents the income received by Municipal Corporation

for the services provided to general public and recorded after actual collection only.

18) Schedule I-5: Sale & Hire Charges: The Sale of goods are recognized when the ownership and the risk

transfers to the buyer.

19) Schedule I-6: Revenue Grants, Contributions & Subsidies: The Non-Plan Grants received from the various

authorities and the Plan Grant for the purpose of expenditure in revenue nature is shown in the head. The

Income is recognized on receipt of the sanction order and the receipt of the income becomes certain.

20) Schedule I-8: Interest Earned: The Interest income received from the Fixed Deposits Investments is

recognized on time proportionate basis. The total interest income received is out of the Current Investments.

21) Depreciation: Depreciation is provided at the rates provided in the Jammu & Kashmir Municipal Accounting

Manual. The Depreciation shown is net of the amortization of the Capital Contribution corresponding to the

Fixed Assets constructed / acquired out of the Grant Funds.

22) Schedule I-10: Establishment Expenses: This represents the Salaries and Allowances paid to the Employees

and Workers.

23) Segment Reporting: Though the Municipal Corporation is divided into Divisions based upon the functions

carried out, the segments and the assets segregation pertaining to the segments have not been identified

and hence segment reporting has not been done.

24) Contingent Liabilities: There is no contingent liability against Jammu Municipal Corporation as at the end of the year.

Documents

To the Members of Jammu Municipal Corporation JAMMU ...First Floor, House No – 2, Kachi Chawni, Jammu-180001. (0191) 2574700 Mobile: 9419661661, Email: [email protected] Web: Jammu