Asset Information
All types of property owned or controlled by Local Self Government Institutions (LSGI) are generally called ‘Assets’.
In simple terms, these are things that a Panchayat or a Municipality owns and maintains for the public. They can be broadly classified as follows:
1. Physical Assets
These are those that can be seen and touched:
Buildings: Office buildings, schools, hospitals (PHC), Anganwadis, markets, community halls.
Land: Outlying lands, parks, playgrounds, cemeteries owned by the Local Self Government Institution.
Roads: Panchayat/Municipality roads, bridges, culverts.
Machinery: Vehicles (e.g. garbage collection vehicles), tractors, street lights, computers.
2. Water Assets
Public wells, ponds, canals, irrigation canals, drinking water projects.
3. Financial Assets
Bank deposits, savings, shares.
Dues to be received through taxes and fees.
4. Importance of assets
Revenue: The local body earns income by renting out markets and shopping complexes.
Service: Provides basic facilities to the people through roads and schools.
Recording: Every local body is required to record and maintain all its assets in an 'Asset Register'. Only through this can the assets be protected from being alienated.
In short, the assets of that local body are all the immovable and movable properties that that local body manages to improve the quality of life of the people of an area.