Capital Development Authority has approved the landmark development focused budget estimates with a total outlay of 49 billion rupees with a surplus of 10 billion rupees for the Financial year 2020-2021.
As per approved budget estimates, expected receipts are 49 billion rupees while expected expenditure is 39 billion rupees. Out of 39 billion expenditure, 24.5 billion which is 63 percent will be spent on 89 development projects while 14.4 billion which is 37 percent will be spent on non-development expenditure.
The budget estimates for Financial Year 2020-2021 are in contrast to previous year whereby total budget outlay was 20 billion with 36 percent development while 64 percent non-development expenditure. Out of 49 billion rupees receipts, CDA will receive 5843.288 million rupees from Federal from PSDP and 2601.44 rupees from Federal Government as a maintenance grant.
CDA will generate 4310 million rupees from its own revenues including the transfer fee, building fee, water charges, property tax etc. Similarly, CDA is expected to generate 24585 .28 million rupees from auction proceeds including the sale of new Blue Area, sectoral auctions, Extension of Park Enclave etc while the amount of 1568.77 million rupees is expected to be transferred from MCI. Revised estimates for Financial Year 2019-2020 have also been approved.
The approval was granted by CDA Board in its meeting held at CDA headquarters on Wednesday. CDA has managed 49 billion rupees budget despite the fact that in the last four years CDA spent more than 22 billion rupees on MCI out of which around 16 billion rupees are still outstanding.
CDA to approve Rs59 billion surplus budget today https://t.co/zlTFWa6MGd
— Middle-East & Pakistan Times of News (@MiddleEastTon) June 18, 2020
Development projects 2020-21
As per approved budget estimates for year 2020-2021, Capital Development Authority will spend money on 89 development projects in Islamabad, the largest ever number for single year of development projects in the capital city.
Out of these 89 development projects, 66 development projects are new while 23 are the ongoing development projects. The main development projects for next financial year include Construction of Korang Bridge, PWD Underpass, Water from Indus feasibility and land acquisition and Construction of 10th Avenue from Public Sector Development Program (PSDP).
From its own resources CDA will fund the projects which mainly include City Rehabilitation Projects which includes low cost housing for slums, cleaning of nullahs, public toilets, Smart traffic system, Housing for BS1-01 to BPS-16 employees, preservation of green areas, forests parks, land fill and public transport.
Read more: Fiscal budget 2020-21: The best way forward
Similarly Projects like construction of Interchange at 7th Avenue and Park Enclave Extension will also be funded from CDA’s own resources. Non-Development expenditure will include 2601.44 million rupees as maintenance grant, 11877 million rupees as employees related and operational expenses and 2112.40 million rupees as MCI expenditure for three months.
Online Int’l News with additional input by GVS News Desk