The State has not yet amended the FRBM Act as recommended by Fourteenth Finance Commission. During 2018-19, the State's revenue receipts (Rs 30,950 crore) increased by 13 per cent over the previous year (Rs 27,367 crore). Only 33 per cent of the revenue receipts came from the State’s own resources comprising taxes and non-taxes, while the remaining 67 per cent was contributed by central transfers. During 2018-19, total expenditure (Rs 34,493 crore) of the State increased by Rs 3,181 crore (10 per cent) over the previous year. Revenue expenditure constituted 85.3 per cent of total expenditure. Total expenditure on four components i.e. salary and wages, pension liabilities, interest payments and subsidies constituted 73 per cent of the revenue expenditure during 2018-19. Overall fiscal liabilities at the end of the year 2018-19 were Rs 54,299 crore with growth of 6.41 per cent over the previous year. Total Public debt increased from Rs 25,729 crore in 2014-15 to Rs 36,425 crore in 2018-19 registering annual average growth rate of 9.60 per cent. In the next ten years, out of total outstanding market loans and UDAY bonds of Rs 26,573 crore, the State has to repay principal of market loans and UDAY bonds of Rs 25,005 crore (94.10 per cent) and interest amounting to Rs 12,521 crore.
During 2018-19, expenditure of Rs 42,469.10 crore (90.38 per cent) was incurred against total grants and appropriations of Rs 46,984.68 crore. Overall savings of Rs 4,515.58 crore were the result of savings of Rs 5,336.95 crore minus excess expenditure of Rs 821.37 crore in various grants/appropriations, which, in addition to excess expenditure of Rs 8,333.35 crore for the period 2013-14 to 2017-18 required regularisation of the State Legislature under Article 205 of the Constitution of India.
Out of 5,758 Utilisation Certificates (UCs) due in respect of grants aggregating Rs 5,128.42 crore, 2,407 UCs (42 per cent) aggregating Rs 1,898.80 crore (37 per cent) were pending as of March 2019. The drawing of advances through Abstract Contingent Bills (AC Bills) by departments without a mechanism for their identification/distinction and subsequent lack of monitoring entailed risk of misappropriation/malfeasance, and parking of funds in bank accounts outside the Consolidated Fund of the State with the resultant effect of overstatement of expenditure.