With reference to the City Finance Rankings, 2022. Consider the following statements:

1. It is the combined initiative of the Ministry of Housing and Urban Affairs and Ministry of Finance.

2. Aims to evaluate Urban Local Bodies on the basis of three financial parameters i.e. resource mobilization, expenditure performance and fiscal governance systems 

3. Only cities with a population exceeding 1 lakh are eligible. 

Which of the above statements is/are not correct?