Revenue sourceIt was found that the major revenue stream for the corporation was property tax followed by professional tax. A moderate risk of default in timely repayment of loans has resulted in Kozhikode city getting a credit rating of BB+ for the implementation of Atal Mission for Rejuvenation and Urban Transformation (Amrut) projects for the period 2015-2020. A major concern, the rating agency pointed out, was that the corporation heavily depended on government grants. One of the Amrut projects is the renovation of Mananchira Square in the city. “The corporation does not have an existing revenue sharing mechanism, resulting in low user charges being collected,” the agency said.
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