LUMEZI APPROVES K40.1 MILLION BUDGET FOR 2023
Sunday, 24th December, 2022
The Lumezi Town Council has approved and adopted a K40.1 million operational budget for the year 2023.
This has been done in accordance with the Local Government Act No. 2 of 2019 and supplemented by the 2023 Ministry of Local Government and Rural Development budget preparation guidelines.
The 2023 budget of income and expenditure for the local authority has increased by 5 percent from the K38.2 million for 2022. It must be noted that this increment is as a result of the increased Constituency Development Fund from K25.7 million this year to K28.3 million in 2023.
The local authority has also allocated K500,000 as part payment to liquidate debt it owes in statutory obligations and payment of terminal benefits.
From the 2023 Constituency Development Fund, the local authority will therefore allocate K15,331,977.93 towards community projects, K3,227,784.83 for grants, K2,151,856.55 for loans and K1,415,695.10 for administrative purposes.
And under bursaries, K2,689,820.69 will be allocated towards Secondary School Boarding while K2,689,820.69 is the allocation for Skills Development.
On the other hand, government has maintained the Local Government Equalization Fund (LGEF) at K9.3 million and 80 percent of this allocation supplements the council’s recurrent expenditure while 20 percent is for capital projects.
Some of the capital projects the council will embark on in 2023 are construction of an abattoir phase 1, procurement of farming land and a utility vehicle.
Issued by:
Irvin Muyumbwa (Mr)
Public Relations Officer
Lumezi Town Council
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