Navi Mumbai: India Rating and Research, a nationally recognised financial institution, announces the credit ratings of various institutions every year. Like in the last 10 years, this year too, the best credit rating of “India Double A Plus Stable (AA+ Stable)” was bestowed upon Navi Mumbai Municipal Corporation for the year 2024-25. This makes Navi Mumbai the only municipal corporation in the country to have received the Double A Plus rating of financial strength for eleven consecutive years.NMMC, renowned for its exceptional liveability standard, consistently prioritises the quality of citizen services whilst maintaining strict oversight of revenue collection and expenditure. Under Municipal Commissioner Kailas Shinde’s leadership, alongside the dedicated accounting department headed by Chief Accounts and Finance Officer Satyawan Ubale, the corporation achieved an optimal balance between collections and spending. “This diligent financial management resulted in securing the prestigious credit rating once again, bringing pride to Navi Mumbai’s residents,” said Shinde.Shinde added that “NMMC’s robust financial position stems from successful tax collection efforts in the previous financial years. The amnesty initiative, offering property tax arrears relief, received substantial public participation. The Property Tax Department achieved record collections exceeding 26 crores in the first quarter of the fiscal, whilst other departments met their targets completely. These tax revenues enabled the provision of superior civic amenities.“He maintains vigilant oversight of financial planning. “Through effective tax collection policies, prudent civic expenditure, and implementation of e-governance systems, operational transparency improved significantly. The accounts department utilises the ‘Host to Host’ system for transactions, ensuring direct bank transfers to suppliers. This enhanced transparency whilst promoting paperless operations. Contractor payments and staff salaries are disbursed punctually,” said an official.Notably, NMMC has no outstanding obligations towards the Maharashtra govt, MMRDA or MIDC. “The corporation will continue prioritising citizen-centric expenditure relative to revenue. Consequently, NMMC is positioned to maintain its “India AA+ Stable” rating, awarded by “India Rating and Research”, for the eleventh consecutive year,” said Shinde.
