Assets of the local self-government institution
All properties owned or controlled by Local Self-Government Institutions (LSGIs) are collectively referred to as 'assets'. Simply put, these are items owned by a Panchayat or Municipality and maintained by them for the benefit of the public. They can be broadly classified as follows:
1. Physical Assets
These are assets that can be seen and touched: Buildings: Office buildings, schools, hospitals (PHCs), Anganwadis, markets, community halls. Land: Public land (poramboke) held by the local body, parks, playgrounds, and burial grounds. Roads: Panchayat/municipality roads, bridges, and culverts. Machinery and Equipment: Vehicles (e.g., waste collection vehicles), tractors, streetlights, and computers.
2. Water Assets
Public wells, ponds, irrigation tanks, irrigation canals, and drinking water schemes.
3. Financial Assets
Bank deposits, savings, and shares. Outstanding dues receivable through taxes and fees.
4. Importance of Assets Revenue:
Local bodies generate income by renting out facilities such as markets and shopping complexes. Service: They provide essential infrastructure to the public, such as roads and schools. Documentation: Every local body is required to accurately record and maintain details of all its assets in an 'Asset Register.' This is essential to safeguard the assets and prevent their loss or unauthorized alienation.
In short, the assets of a local body comprise all the movable and immovable properties it manages in order to improve the standard of living of the people in the area.
