Financial crunch worries civic agencies
PHOTO: AFP/File
Rawalpindi district's various development institutions are grappling with challenges in formulating their budgets for the upcoming fiscal year of 2023-24.
According to sources, the current financial and economic crisis, coupled with fund cuts, has created obstacles for the District Council, Municipal Corporation, Rawalpindi Development Authority (RDA), Water and Sanitation Agency (WASA), Pakistan Horticulture Authority (PHA), and seven municipal committees.
None of these development agencies has been able to finalise their budgets, as the Punjab government has not provided any assurances of meeting their funding requirements.
With Punjab's budget limited to four months, the lack of a clear economic and financial fund policy has left these institutions in a precarious situation.
Many development agencies are finding it challenging to meet the deadline of June 30 for presenting their annual budgets. In the absence of immediate guidelines and funding assurance, the administrations of these institutions have decided to present budgets with deficits.
Meanwhile, under the guidance of the Ministry of Local Government, municipal corporations, municipal committees, town committees, and district councils are contemplating presenting interim budgets for the four-month period.
Sources within the district council have indicated that a final decision regarding whether to present a one-year or four-month budget will be made within the next two days.
Published in The Express Tribune, June 23rd, 2023.