Kochi Corporation to issue bonds to mobilise resources for development

The Kochi Corporation Budget has proposed issuance of municipal bonds to mobilise capital for comprehensive infrastructure development and sustainable growth.

This will enable the civic body to implement large-scale projects by raising funds directly from the stock market and the public, rather than relying solely on traditional government grants.

Before going for bonds, leading credit rating agencies will assess the Corporation’s financial position to secure a strong rating. A special account system will be introduced to ensure that funds raised are utilised exclusively for designated projects.

The bonds will be listed on stock exchanges in compliance with Securities and Exchange Board of India regulations. A high-power committee led by the Corporation secretary will be constituted to coordinate activities related to the municipal bond.

Revenue enhancing measures

The Budget has proposed measures to increase the Corporation’s own revenue by 10%. A sub-committee will be constituted to oversee the initiative.

To plug tax leakages, all buildings within the Corporation limits will be mapped using modern technology. A system of authorised advertisement boards with QR codes will be introduced, and unauthorised boards will be removed and penalties imposed.

Profession tax collection will be streamlined by preparing a list of liable individuals, and a special squad will be formed to ensure compliance. More staff will be deployed to inspect theatres, malls, hotels, amusement parks, and stadiums to strengthen collection of entertainment tax.

A dedicated revenue recovery cell will be set up to ensure timely collection of non-tax revenues and arrears. The measures are expected to generate an additional ₹30 crore in revenue.

Parking policy

The Budget has proposed a comprehensive parking policy to ensure more efficient use of public spaces. The city will be divided into designated parking zones, with demand-based regulation introduced to manage congestion.

Parking facilities under the Corporation, Greater Cochin Development Authority, and Kochi Metro Rail Limited will be brought under a unified framework to ensure transparency. Priority will be given to scientific reorganisation of available spaces.

As part of the policy, roadside parking will be gradually regulated. A special cell will be constituted to monitor and coordinate its implementation. The project has been allocated ₹40 lakh.