West Bengal's State Finance Commission (SFC) will submit its recommendations to the government soon.
The commission was entrusted with the task of recommending how much resources are required for the state, how much can be raised and the fiscal support required for the next five years.
"We have completed our task and the recommendations will be submitted shortly to Chief Minister Mamata Banerjee," fourth SFC chairman Abhirup Sarkar said.
The formula this time was different as the Centre has changed its contribution towards local bodies. It has increased funds for panchayats but reduced resources to the other tiers, he said.
Sarkar, however, declined to divulge details of the recommendations.
The government had extended the tenure of the commission by two months. This was required to complete the winding up process, Sarkar said.
"We have completed our task," said Abhirup Sarkar.