Maharashtra Budget Analysis 2024-25 PDF

Maharashtra Budget Analysis 2024-25 The Deputy Chief Minister of Maharashtra, Mr. Ajit Pawar, presented the Budget for the state for the financial year 2024-25 on June 28, 2024. Budget Highlights  The Gross State Domestic Product (GSDP) of Maharashtra for 2024-25 (at current prices) is projec...

Maharashtra Budget Analysis 2024-25 The Deputy Chief Minister of Maharashtra, Mr. Ajit Pawar, presented the Budget for the state for the financial year 2024-25 on June 28, 2024. Budget Highlights  The Gross State Domestic Product (GSDP) of Maharashtra for 2024-25 (at current prices) is projected to be Rs 42,67,771 crore, amounting to growth of 5.5% over 2023-24 revised estimates.  Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 6,12,293 crore, an increase of 2% over the revised estimates of 2023-24. In addition, debt of Rs 57,198 crore will be repaid by the state.  Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 5,01,938 crore, an increase of 3% as compared to the revised estimate of 2023-24.  Revenue deficit in 2024-25 is estimated to be 0.5% of GSDP (Rs 20,051 crore), almost the same as the revised estimates for 2023-24. In 2023-24, the revenue deficit is expected to be Rs 3,409 crore higher than the budget estimate.  Fiscal deficit for 2024-25 is targeted at 2.6% of GSDP (Rs 1,10,355 crore). In 2023-24, as per the revised estimates, fiscal deficit is expected to be 2.8% of GSDP, 17% higher than the budget estimate for 2023-24. Policy Highlights  Women development: Under Mukhya Mantri Mazhi Ladki Bahin Yojana the state government will provide Rs 1,500 per month to eligible women aged between 21 and 60 years. It will be implemented from July 2024 and is expected to cost Rs 46,000 crore every year. The state government will also reimburse 100% of tuition and examination fees for higher education to girls from other backward classes and economically weaker sections with annual family income up to eight lakh rupees per annum.  Cooking gas: More than 52 lakh families will be provided with three free gas cylinders per year under the Mukhya Mantri Annapurna Yojana.  Agriculture: Gaon Tethe Godam scheme will be implemented for storage of agricultural produce at the village level. The state government will also provide free electricity for agriculture pumps up to 7.5 horse power capacity under the Mukhya Mantri Baliraja Vij Savlat Yojana. It will cover 44 lakh farmers with a total subsidy expenditure of Rs 14,761 crore. Maharashtra’s Economy Figure 1: Growth in GSDP and sectors in Maharashtra at constant  GSDP: In 2022-23, Maharashtra’s prices (2011-12) GSDP (at constant prices) grew at 9.4%, 20% 13.0% 12.3% compared to 10.6% in 2021-22. In 11.7% 10.6% 15% comparison, national GDP is estimated 9.4% 8.6% to grow at 7% in 2022-23. 10% 5.5% 4.7% 3.6%  Sectors: The agriculture sector grew by 5% 5% in 2022-23. In comparison, it grew 0% by 4% in 2021-22. Manufacturing sector grew by 6% in 2022-23. Services grew -5% by 13% in 2022-23 as compared to 12% -6.0% -10% in 2021-22. -9.5% -13.4% -15%  Per capita GSDP: The per capita Agriculture Manufacturing Services GSDP GSDP of Maharashtra in 2022-23 (at current prices) is estimated at Rs 2020-21 2021-22 2022-23 2,89,404, which is an increase of 15% Note: Agriculture includes mining and quarrying; Manufacturing includes over 2021-22. construction and electricity. These numbers are as per constant prices (2011-12) which implies that the growth rate is adjusted for inflation. Sources: Maharashtra Economic Survey 2023-24; PRS. Arpita Mallick [email protected] July 8, 2024 PRS Legislative Research Institute for Policy Research Studies 3rd Floor, Gandharva Mahavidyalaya 212, Deen Dayal Upadhyaya Marg New Delhi – 110002 Tel: (011) 2323 4801, 4343 4035 www.prsindia.org  Maharashtra Budget Analysis 2024-25 PRS Legislative Research Budget Estimates for 2024-25  Total expenditure (excluding debt repayment) in 2024-25 is targeted at Rs 6,12,293 crore. This is an increase of 2% over the revised estimate of 2023-24. This expenditure is proposed to be met through receipts (excluding borrowings) of Rs 5,01,938 crore and net borrowings of Rs 80,273 crore. Total receipts for 2024-25 (other than borrowings) are expected to register an increase of 3% over the revised estimate of 2023-24.  Revenue deficit in 2024-25 is estimated to be 0.5% of GSDP (Rs 20,051 crore), largely similar to the revised estimates for 2023-24. Fiscal deficit for 2024-25 is targeted at 2.6% of GSDP (Rs 1,10,355 crore), lower than the revised estimates for 2023-24 (2.8% of GSDP). Table 1: Budget 2024-25 - Key figures (in Rs crore) % change from % change from 2022-23 2023-24 2023-24 2024-25 Items BE 23-24 to RE RE 23-24 to BE Actuals Budgeted Revised Budgeted 23-24 24-25 Total Expenditure 5,18,717 6,02,008 6,56,495 9% 6,69,491 2% (-) Repayment of debt 44,795 54,558 55,997 3% 57,198 2% Net Expenditure (E) 4,73,922 5,47,450 6,00,498 10% 6,12,293 2% Total Receipts 5,01,023 5,83,156 6,37,062 9% 6,39,408 0.4% (-) Borrowings 94,702 1,31,207 1,48,520 13% 1,37,470 -7% Net Receipts (R) 4,06,321 4,51,949 4,88,542 8% 5,01,938 3% Fiscal Deficit (E-R) 67,602 95,501 1,11,956 17% 1,10,355 -1% as % of GSDP 1.9% 2.5% 2.8% 2.6% Revenue Deficit 1,936 16,122 19,532 21% 20,051 3% as % of GSDP 0.1% 0.4% 0.5% 0.5% Primary Deficit 25,913 44,853 63,378 41% 53,628 -15% as % of GSDP 0.7% 1.2% 1.6% 1.3% GSDP 36,45,884 38,79,792 40,44,251 4% 42,67,771 5.5% Note: BE is Budget Estimates; RE is Revised Estimates. Sources: Annual Financial Statement, Maharashtra Budget 2024-25; PRS. Expenditure in 2024-25  Revenue expenditure for 2024-25 is proposed to be Rs 5,19,514 crore, an increase of 3% over the revised estimate of 2023-24. This includes the expenditure on salaries, pensions, interest, grants, and subsidies.  Capital outlay for 2024-25 is proposed to be Rs 85,292 crore, nearly the same as the revised estimate of 2023-24. Capital outlay indicates the expenditure towards creation of assets.  In 2024-25, loans and advances by the state are expected to be Rs 7,487 crore, lower than the revised estimates by 19%. Table 2: Expenditure budget 2024-25 (in Rs crore) % change from % change from 2022-23 2023-24 2023-24 2024-25 Items BE 23-24 to RE RE 23-24 to BE Actuals Budgeted Revised Budgeted 23-24 24-25 Revenue Expenditure 4,07,614 4,65,645 5,05,647 9% 5,19,514 3% Capital Outlay 61,644 73,901 85,657 16% 85,292 0% Loans given by the state 4,664 7,904 9,194 16% 7,487 -19% Net Expenditure 4,73,922 5,47,450 6,00,498 10% 6,12,293 2% Sources: Annual Financial Statement, Maharashtra Budget 2024-25; PRS. Committed expenditure: Committed expenditure of a state typically includes expenditure on payment of salaries, pensions, and interest. A larger proportion of budget allocated for committed expenditure items limits the state’s flexibility to decide on other expenditure priorities such as capital outlay. In 2024-25, Maharashtra is estimated to spend Rs 2,75,615 crore on committed expenditure, which is 55% of its estimated revenue receipts. This comprises spending on salaries (32% of revenue receipts), pension (12%), and interest payments (11%). In 2023-24, expenditure towards pensions is estimated to be 16% lower than the budget estimate. In 2022-23, as per actuals, 52% of revenue receipts were spent towards committed expenditure. July 8, 2024 -2-  Maharashtra Budget Analysis 2024-25 PRS Legislative Research Table 3: Committed Expenditure in 2024-25 (in Rs crore) % change from % change from 2022-23 2023-24 2023-24 2024-25 Committed Expenditure BE 23-24 to RE RE 23-24 to BE Actuals Budgeted Revised Budgeted 23-24 24-25 Salaries 1,24,325 1,44,771 1,42,718 -1% 1,59,071 11% Pension 43,109 54,737 45,908 -16% 59,817 30% Interest payment 41,689 50,648 48,578 -4% 56,727 17% Total Committed 2,09,123 2,50,156 2,37,204 -5% 2,75,615 16% Expenditure Sources: Annual Financial Statement, Maharashtra Budget 2024-25; PRS. Sector-wise expenditure: The sectors listed below account for 60% of the total expenditure on sectors by the state in 2024-25. A comparison of Maharashtra’s expenditure on key sectors with that by other states is shown in Annexure 1. Table 4: Sector-wise expenditure under Maharashtra Budget 2024-25 (in Rs crore) % change 2022-23 2023-24 2023-24 2024-25 Budget Provisions Sector from RE 23-24 Actuals Budgeted Revised Budgeted 2024-25 to BE 24-25 Education, Sports, 81,560 89,705 97,200 98,985 2%  Rs 11,117 crore has been allocated Arts, and Culture for general education. Transport 37,775 35,077 41,041 42,415 3%  Rs 37,898 crore has been allocated for roads and bridges. Agriculture and Allied  Rs 12,354 crore has been allocated 34,079 32,077 42,016 35,859 -15% Activities for crop husbandry. Social Welfare and  Rs 15,268 crore has been allocated 20,677 20,050 28,364 32,754 15% Nutrition for social security and welfare.  Rs 28,391 crore has been allocated Police 20,072 26,906 24,050 29,338 22% towards revenue expenditure for police. Health and Family  Rs 13,660 crore has been allocated 20,387 25,015 30,630 27,748 -9% Welfare towards medical and public health.  Rs 4,593 crore has been allocated Welfare of SC, ST, towards the welfare of Scheduled 20,025 24,787 28,879 26,967 -7% OBC, and Minorities Castes, Scheduled Tribes, Other Backward Classes and Minorities.  Rs 6,474 crore has been allocated Rural Development 16,708 25,308 25,424 23,782 -6% towards other rural development programmes.  Rs 16,505 crore has been allocated Urban Development 18,349 20,761 31,082 22,759 -27% towards revenue expenditure under urban development.  Rs 881 crore has been allocated Irrigation and Flood 13,431 19,958 18,907 21,428 13% towards capital outlay for minor Control irrigation. % of total expenditure on all 60% 59% 62% 60% sectors Sources: Annual Financial Statement, Maharashtra Budget 2024-25; PRS. July 8, 2024 -3-  Maharashtra Budget Analysis 2024-25 PRS Legislative Research Receipts in 2024-25  Total revenue receipts for 2024-25 are estimated to be Rs 4,99,463 crore, an increase of 3% over the revised estimate of 2023-24. Of this, Rs 3,69,694 crore (74%) will be raised by the state through its own resources, and Rs 1,29,769 crore (26%) will come from the centre. Resources from the centre will be in the form of state’s share in central taxes (15% of revenue receipts) and grants (11% of revenue receipts).  Devolution: In 2024-25, state’s share in central taxes is estimated at Rs 77,054 crore, an increase of 10% over the revised estimate of 2023-24.  Grants from the centre in 2024-25 are estimated at Rs 52,715 crore, a decrease of 19% from the revised estimates for 2023-24.  State’s own tax revenue: Maharashtra’s total own tax revenue is estimated to be Rs 3,42,919 crore in 2024-25, an increase of 5% over the revised estimate of 2023-24. Own tax revenue as a percentage of GSDP is estimated at 8% in 2024-25, same as the revised estimates for 2023-24 (8.1%). As per the actual figures for 2022-23, own tax revenue as a percentage of GSDP was 7.6%. Table 5: Break-up of the state government’s receipts (in Rs crore) % change from % change from 2022-23 2023-24 2023-24 2024-25 Items BE 2023-24 to RE 2023-24 to Actuals Budgeted Revised Budgeted RE 2023-24 BE 2024-25 State's Own Tax 2,77,486 2,98,181 3,26,281 9% 3,42,919 5% State's Own Non-Tax 16,776 24,170 24,620 2% 26,775 9% Share in Central Taxes 60,002 64,525 69,771 8% 77,054 10% Grants-in-aid from Centre 51,414 62,647 65,444 4% 52,715 -19% Revenue Receipts 4,05,678 4,49,523 4,86,116 8% 4,99,463 3% Non-debt Capital Receipts 643 2,427 2,427 0% 2,475 2% Net Receipts 4,06,321 4,51,949 4,88,542 8.1% 5,01,938 3% BE is Budget Estimates; RE is Revised Estimates. Sources: Annual Financial Statement, Maharashtra Budget 2024-25; PRS.  In 2024-25, State GST is GSDP growth witnesses a decline estimated to be the largest source of own tax revenue In 2024-25, Maharashtra has projected a GSDP growth of 5% (at current prices). (45% share). State GST This is accompanied by a 3% growth in revenue receipts and expenditure. The revenue is estimated to increase national GDP (nominal) is estimated to grow by 10.5%. In 2023-24, the state is estimated to grow by 11%. by 8% over the revised Nominal GSDP growth over the years estimates of 2023-24. 30% 20.4%  Revenue from sales tax/VAT is 20% 16% estimated to be Rs 62,500 crore 10.9% 7.5% 10% 5.1% in 2024-25 while revenue from -1.7% stamps duty and registration 0% fees is estimated to be Rs 2020-21 2018-19 2019-20 2021-22 2022-23 2023-24 55,000 crore. -10% Table 6: Major sources of state’s own-tax revenue (in Rs crore) % change from % change from 2022-23 2023-24 2023-24 2024-25 Head BE 23-24 to RE RE 23-24 to BE Actuals Budgeted Revised Budgeted 23-24 24-25 State GST 1,21,256 1,36,041 1,44,791 6% 1,55,756 8% Sales Tax/ VAT 54,568 56,200 62,050 10% 62,500 1% Stamps Duty and Registration Fees 45,286 45,000 51,500 14% 55,000 7% State Excise 21,507 25,200 29,000 15% 30,500 5% Taxes on Vehicles 11,740 12,500 15,000 20% 14,875 -1% Taxes and Duties on Electricity 14,721 12,000 14,000 17% 14,180 1% Land Revenue 2,431 4,500 2,500 -44% 3,000 20% Sources: Annual Financial Statement, Revenue Budget, and Maharashtra Budget 2024-25; PRS. July 8, 2024 -4-  Maharashtra Budget Analysis 2024-25 PRS Legislative Research Deficits, Debt, and FRBM Targets for 2024-25 The Maharashtra Fiscal Responsibility and Budgetary Management Act, 2005 provides annual targets to progressively reduce the outstanding liabilities, revenue deficit, and fiscal deficit of the state government. Revenue deficit: It is the difference of revenue expenditure and revenue receipts. A revenue deficit implies that the government needs to borrow to finance those expenses which do not increase its assets or reduces its liabilities. The budget estimates a revenue deficit of Rs 20,051 crore (or 0.5% of the GSDP) in 2024-25. Fiscal deficit: It is the excess of total Increasing revenue deficit expenditure over total receipts. This gap is filled by borrowings by the government and Finance Commissions over the years have recommended that states eliminate leads to an increase in total liabilities. In their revenue deficit. Maharashtra’s FRBM Act, 2005 also requires the 2024-25, the fiscal deficit is estimated to be elimination of revenue deficit. In 2024-25, Maharashtra has estimated a revenue deficit of Rs 20,051 crore (0.5% of GSDP). This is higher than the 2.6% of GSDP. For 2024-25, the central revenue deficit incurred in 2022-23, i.e., Rs 1,936 crore (0.1% of GSDP). This government has permitted fiscal deficit of up increase could be attributed to the introduction of new cash transfer schemes. to 3% of GSDP to states, and an additional Revenue deficit is also higher in 2024-25 on account of nominal GSDP 0.5% of GSDP will be available only upon growing at a slower pace (8%) than revenue receipts (11%) and revenue carrying out certain power sector reforms. expenditure (13%) over 2022-23. Revenue deficit is estimated to be eliminated by 2026-27. As per the revised estimates, in 2023-24, the fiscal deficit of the state is expected to be 2.8% of GSDP. This is higher than the budget estimate (2.5%). Fiscal deficit is projected to be lowered to 2.3% of GSDP by 2026-27. Outstanding liabilities: Outstanding liabilities is the accumulation of total borrowings at the end of a financial year, it also includes any liabilities on public account. At the end of 2024-25, the outstanding liabilities are estimated to be 18.4% of GSDP, higher than the revised estimate for 2023-24 (17.6% of GSDP). The outstanding liabilities increased in 2020-21 (19.9% of GSDP), and have moderated thereafter. Figure 2: Revenue and Fiscal Balance (% of GSDP) Figure 3: Outstanding Liabilities (as % of GSDP) 4% 25% 19.9% 3% 2.7% 2.8% 20% 18.4% 18.4% 18.6% 18.9% 2.6% 2.4% 17.0% 17.3% 17.6% 2.3% 2.0% 2.1% 1.9% 15% 2% 1.6% 10% 1% 0.6% 0.5% 0.5% 0.5% 0.3% 0.1% 0% 5% 0% 0% Revenue Deficit Fiscal Deficit Note: *Figures for 2025-26 and 2026-27 are projections; RE is Note: *Figures for 2025-26 and 2026-27 are projections; RE is Revised Estimates; BE is budget estimates. Revised Estimates; BE is budget estimates. Sources: Medium Term Fiscal Policy, Maharashtra Budget 2024-25; Sources: Medium Term Fiscal Policy, Maharashtra Budget 2024-25; PRS. PRS. Outstanding Government Guarantees: Outstanding liabilities of states do not include a few other liabilities that are contingent in nature, which states may have to honour in certain cases. State governments guarantee the borrowings of State Public Sector Enterprises (SPSEs) from financial institutions. As of March 31, 2024, the state’s outstanding guarantee is estimated to be Rs 77,924 crore, which is 1.9% of Maharashtra’s GSDP. At the end of 2022-23, the state’s outstanding guarantee was Rs 66,726 crore (1.8% of GSDP). DISCLAIMER: This document is being furnished to you for your information. You may choose to reproduce or redistribute this report for non-commercial purposes in part or in full to any other person with due acknowledgement of PRS Legislative Research (“PRS”). The opinions expressed herein are entirely those of the author(s). PRS makes every effort to use reliable and comprehensive information, but PRS does not represent that the contents of the report are accurate or complete. PRS is an independent, not-for-profit group. This document has been prepared without regard to the objectives or opinions of those who may receive it. July 8, 2024 -5-  Maharashtra Budget Analysis 2024-25 PRS Legislative Research Annexure 1: Comparison of states’ expenditure on key sectors The graphs below compare Maharashtra’s expenditure in 2024-25 on six key sectors as a proportion of its total expenditure on all sectors. The average for a sector indicates the average expenditure in that sector by 31 states (including Maharashtra) as per their budget estimates of 2023-24.1  Education: Maharashtra has allocated 16.4% of its expenditure on education in 2024-25. This is higher than the average allocation for education by states in 2023-24 (14.7%).  Health: Maharashtra has allocated 4.6% of its total expenditure towards health, which is lower than the average allocation for health by states (6.2%).  Rural development: Maharashtra has allocated 3.9% of its expenditure on rural development. This is lower than the average allocation for rural development by states (5%).  Urban development: Maharashtra has allocated 3.8% of its expenditure towards urban development. This is higher than the average allocation towards urban development by states (3.4%).  Agriculture: Maharashtra has allocated 5.9% of its total expenditure towards agriculture, which is the same as the average expenditure on agriculture by states.  Energy: Maharashtra has allocated 2.3% of its total expenditure towards energy, which is lower than the average allocation by states (4.7%). Spending on education as a Spending on health as a % of Spending on rural % of total expenditure total expenditure development as a % of total expenditure 20% 17.4% 16.6% 16.4% 16.4% 8% 14.7% 6.2% 5.2% 6% 5.0% 15% 6% 4.6% 4.6% 4.7% 4.3% 4.3% 3.9% 3.6% 10% 4% 4% 5% 2% 2% 0% 0% 0% 2022-23 2022-23 2023-24 (RE) 2023-24 (RE) 2023-24 (BE) 2024-25 (BE) 2024-25 (BE) Average of all states 2023-24 (BE) Average of all states 2022-23 2023-24 (RE) 2023-24 (BE) 2024-25 (BE) Average of all states (2023-24 BE) (2023-24 BE) (2023-24 BE) Spending on urban Spending on agriculture as a Spending on energy as a % development as a % of total % of total expenditure of total budget budget 4.7% 8% 7.3% 7.1% 5% 6% 5.3% 5.9% 5.9% 5.9% 4% 5% 6% 3.1% 3.9% 3.8% 3.8% 4% 3.4% 3% 2.6% 2.3% 2.3% 4% 3% 2% 2% 2% 1% 1% 0% 0% 0% 2022-23 2023-24 (RE) 2022-23 2023-24 (RE) 2022-23 2023-24 (RE) 2023-24 (BE) 2024-25 (BE) 2024-25 (BE) 2023-24 (BE) 2024-25 (BE) Average of all states Average of all states Average of all states 2023-24 (BE) (2023-24 BE) (2023-24 BE) (2023-24 BE) Note: 2022-23, 2023-24 (BE), 2023-24 (RE), and 2024-25 (BE) figures are for Maharashtra Sources: Annual Financial Statement, Maharashtra Budget 2024-25; various state budgets; PRS. 1 The 31 states include the Union Territories of Delhi, Jammu and Kashmir, and Puducherry. July 8, 2024 -6-  Maharashtra Budget Analysis 2024-25 PRS Legislative Research Annexure 2: Comparison of 2022-23 Budget Estimates and Actuals The following tables compare the actuals of 2022-23 with budget estimates for that year. Table 7: Overview of Receipts and Expenditure (in Rs crore) Particular 2022-23 BE 2022-23 Actuals % change from BE to Actuals Net Receipts (1+2) 4,05,806 4,06,321 0.1% 1. Revenue Receipts (a+b+c+d) 4,03,427 4,05,678 1% a. Own Tax Revenue 2,56,526 2,77,486 8% b. Own Non-Tax Revenue 27,128 16,776 -38% c. Share in central taxes 51,588 60,002 16% d. Grants-in-aid from the Centre 68,186 51,414 -25% Of which GST compensation grants 9,725 0 0% 2. Non-Debt Capital Receipts 2,379 643 -73% 3. Borrowings 1,27,938 94,702 -26% Of which GST compensation loan 0 0 0% Net Expenditure (4+5+6) 4,95,405 4,73,922 -4% 4. Revenue Expenditure 4,27,780 4,07,614 -5% 5. Capital Outlay 65,210 61,644 -5% 6. Loans and Advances 2,414 4,664 93% 7. Debt Repayment 53,003 44,795 -15% Revenue Deficit 24,353 1,936 -92% Revenue Deficit (as % of GSDP) 0.7% 0.1% Fiscal Deficit 89,598 67,602 -25% Fiscal Deficit (as % of GSDP) 2.5% 1.9% Source: Maharashtra Budget Documents of various years; PRS. Table 8: Key Components of State's Own Tax Revenue Tax Source/Head 2022-23 BE 2022-23 Actuals % change from BE to Actuals Land Revenue 4,000 2,431 -39% State Excise 22,000 21,507 -2% State GST 1,19,900 1,21,256 1% Sales Tax/ VAT 50,200 54,568 9% Taxes on Vehicles 10,500 11,740 12% Taxes and Duties on Electricity 11,444 14,721 29% Stamps Duty and Registration Fees 32,000 45,286 42% Source: Maharashtra Budget Documents of various years; PRS. Table 9: Allocation towards Key Sectors Sector 2022-23 BE 2022-23 Actuals % change from BE to Actuals Housing 11,898 4,097 -66% Water Supply and Sanitation 13,785 5,344 -61% Irrigation and Flood Control 18,727 13,431 -28% Rural Development 22,844 16,708 -27% Police 24,663 20,072 -19% Welfare of SC, ST, OBC, and Minorities 22,984 20,025 -13% Health and Family Welfare 22,536 20,387 -10% Urban Development 18,347 18,349 0% Education, Sports, Arts, and Culture 80,437 81,560 1% Agriculture and Allied Activities 29,393 34,079 16% Transport 30,913 37,775 22% of which Roads and Bridges 27,902 36,053 29% Social Welfare and Nutrition 16,617 20,677 24% Energy 11,333 14,377 27% Source: Maharashtra Budget Documents of various years; PRS. July 8, 2024 -7-