AFS 2024-25

An Annual Financial Statement (AFS) of a Grama Panchayat is the official document that reflects the receipts, expenditures, and overall financial position of the panchayat for a specific financial year.

According to the Panchayati Raj Act, after the end of each financial year (usually by May 15th), the final accounts must be prepared, approved by the Panchayat Committee, and submitted for auditing.

Here is a detailed breakdown of the components and procedures related to the Grama Panchayat Annual Financial Statement:

1. Key Components of the Financial Statement

An Annual Financial Statement primarily consists of three parts:

  • Receipts (Income): This includes tax revenues (property tax, profession tax, etc.), non-tax revenues, government grants, and plan funds received by the Panchayat.
  • Expenditure (Expenses): Money spent on development projects, employee salaries, administrative and office expenses, and welfare schemes.
  • Assets and Liabilities: A comprehensive record of the Panchayat's assets (land, buildings, infrastructure) and its liabilities (pending payments or loans).

2. Method of Preparation (Software Used)

In Kerala, Grama Panchayats prepare their financial statements based on the Double Entry Accounting System using specialized government software:

 The core accounting software used for daily financial transactions and generating the final Annual Financial Statement.

  • Sulekha: The software used to plan and monitor development projects (Plan Funds), which seamlessly integrates data with the Saankhya software.

3. Approval and Auditing Process

  1. Committee Approval: The statement prepared by the accountant is verified by the Panchayat Secretary and presented before the Panchayat Committee for formal approval.
  2. Public Disclosure: To ensure transparency, the approved statement is published on the Panchayat notice board and its official website for public viewing.
  3. Local Fund Audit: The approved AFS is then submitted within the stipulated timeframe to the State Performance Audit team and the Local Fund Audit Department for official verification.

  • എ എഫ് എസ് 2024-25