Asset
All types of properties owned by or under the control of Local Self-Government Institutions (LSGIs) are generally referred to as “Assets.”
In simple terms, these are the properties and resources owned by a Panchayat or Municipality and maintained by them for the benefit of the public. They can mainly be classified as follows:
1. Physical Assets
These are assets that can be seen and physically touched:
- Buildings: Office buildings, schools, hospitals (PHCs), Anganwadis, markets and community halls.
- Land: Government/common land under the possession of the local body, parks, playgrounds and cremation/burial grounds.
- Roads: Panchayat/Municipality roads, bridges and culverts.
- Machinery and Equipment: Vehicles such as waste-collection vehicles, tractors, streetlights, computers and other equipment.
2. Water Assets
- Public wells, ponds, reservoirs, irrigation canals and drinking-water supply schemes.
3. Financial Assets
- Bank deposits, savings and shares.
- Outstanding amounts receivable through taxes, fees and other charges.
4. Importance of Assets
- Revenue: Local bodies generate income by renting out markets, shopping complexes and other properties.
- Services: Roads, schools and other facilities provide essential infrastructure and services to the public.
- Record Keeping: Every local self-government institution is required to accurately record and maintain details of all its assets in an “Asset Register.” Proper documentation helps protect these properties from unauthorized occupation, misuse or loss.
In Brief
The assets of a Local Self-Government Institution comprise all the movable and immovable properties and resources managed by it for the development of the area and for improving the quality of life of its people