During the period January, 2001 to June, 2007 total revenue inflows into the Assembly’s Accounts amounted to Sixty-six Billion, Five Hundred and Seventy Million, Three Hundred and Five Thousand, Eight Hundred and Eighty-Three cedis (¢66,570,305,883.00).
This is summarized below:
Internally Generated Fund (IGF)
An examination of the Trial Balance for the period January, 2001 to June, 2007 revealed that a total amount of ¢23,403,884,576.00 representing 96% of the Total Estimated Revenue of ¢24,389,980,640.00 was collected from the Assembly’s Traditional sources of revenue.
The 96% overall achievement over the seven (7) years period is very commendable. A cursory look at the above table indicates that apart from the year 2001 and 2006 which the Assembly collected about 86%, which was below target, in all the years during the period, the Assembly exceeded the 100% target.
The non-achievement of the 100% target in 2006 was mainly due to the fact that collection of Property Rate, which is the Assembly’s major source of Internally Generated Revenue, was suspended due to the revaluation exercise that was being undertaken by the Assembly and collection resumed in August, 2006 after the revaluation exercise.
One significant observation about the Assembly’s Internally Generated Revenue is the fact that Estimated and Actual Revenues jumped dramatically from ¢2,753,934,209.00 and ¢2,908,254,282.00 in 2005 to ¢8,561,323,771.00 and ¢7,411,542,956.00 in 2006 respectively. The actual revenue increased by 254.8% from 2005 to 2006.
The main reason for the sharp increase in the Assembly’s Internally Generated Revenue was the Revaluation Exercise undertaken by the Assembly which raised estimated Property Rate payable from ¢1,201,754,209.00 in 2005 to ¢6,516,179,771.00 in 2006, an increase of 542.2% as per the following details.
Revenue from Property Rate outside AngloGold is expected to rise further if the remaining properties such as Telecommunication Masts (Antennas) of MTN (Scancom), Tigo (Millicom) and others like the Len Clay Sports Stadium, Engen Filling Station and suburbs such as Odumasi, Asonkore, Kwabenakwa, Ahansonyewodea, etc. are revalued and captured in the new Property Valuation List.
Date Created : 11/27/2017 6:44:18 AM