The Kpone-Katamanso Municipal Assembly (KKMA) recorded a deficit of over GHs 356,000 representing 1.77 per cent in 2018.
Financial documents available to the Ghana News Agency revealed that the Assembly which collected a total of 16,836,498.24 in revenue ended up spending 17,192,530.78 last year.
KKMA targeted a total revenue of 20,165,890 but recorded an actual revenue of 16,836.498.24 at the end of December 31, 2018.
Its main source of revenue were the Internally Generated Fund (IGF), District Assemblies Common Fund (DACF) and the District Development Fund (DDF).
The KKMA, made most of its revenue from the IGF which contributed over 10 million cedis to its coffers missing narrowingly at 96.88 per cent of its projection for last year.
The 2018 figure showed an increase in IGF over the over six million cedis collected in 2017, according to the document which attributed the feat to the implementation of the 2018 Revenue Improvement Action Plan.
The DACF released 47.33 per cent of the expected GHs 5,532,971.00 to the Assembly in 2018 while it got over 100 per cent of Government of Ghana's grants.
According to the Assembly, even though it recorded an increase in its IGF, its revenue collection exercise during 2018 faced a number of challenges including non-functioning local markets which had direct effect on daily tolls and lorry parks fees.
Other challenges were low collection of temporary structure permits, low collection of billboards and advertising signage coupled with inadequate revenue collectors.
The KKMA also had challenges of inadequate office accommodation for revenue staff, non-updating of existing revenue data, delay in prosecution process of rate defaulters, and inability of the Assembly to retrieve monies from public toilet operators.