Aizawl, Sept. 26: After years of criticism, Mizoram has earned accolades from the comptroller and auditor general (CAG) for its financial management this year.

The CAG report for the year ending March 2004, tabled in the Assembly by chief minister Zoramthanga today, shows that the revenue receipts of the state have finally increased ? at an average of 10.28 per cent during 1999 to 2004. The total receipts in monetary terms has grown from Rs 860.84 crore in 1999-2000 to Rs 1,370.95 crore in 2003-04.

However, this rosy picture is offset by the fact that the state?s own resources have contributed only seven per cent to the increase in 2003-04. The rest comes from central tax transfers and grants-in-aid from the Centre. Sales tax, which is part of central tax transfers, has contributed 69 per cent to the increase.

Another good news is that the state has learnt to manage its cash. It used the ways-and-means advances ? a funds-support scheme for states meant to take care of any mismatch between the flow of resources and expenditure obligations ? only for 75 days during 2003-04 as against 178 days in previous years.

There was no overdraft through the Reserve Bank of India during 2003-04, which also signifies a ?distinct improvement in cash management?, the CAG report said.

However, the report pointed out that since the state had not legislated an act to control borrowings, it had an overall fiscal liability of Rs 2,044 crore in 2003-04, which would attract an annual interest at the rate of 18.67 per cent.

The state has set itself on the positive path but is still overshadowed by many negative aspects in governance.