RMC approves rare surplus budget
Exchange Companies Association president anticipated that the rupee would partially recoup losses over the next couple of days on expectations of easing political tensions. Photo: afp
The Rawalpindi Municipal Corporation (RMC) has approved a budget of Rs6.92 billion, with a surplus of Rs377.7 million for the upcoming financial year. Rawalpindi Division Commissioner Liaquat Ali Chatha, who is also the RMC administrator, approved the budget.
The surplus budget, a rarity, includes the allocation of funds for the repair and maintenance of traffic signals. It had been excluded in the past, with other civic agencies bearing the cost.
The municipal officer for finance, Raja Iftikhar, prepared the budget which was approved without any comments or cuts.
According to the document, the municipality plans to collect Rs6.92 billion through collections such as property transfer fees, map approval, property commercialization, rentals, and revenue from other taxes and income sources during the fiscal year.
It has been predicted that Rs6.542 billion will be spent overall. It includes Rs550 million for pension, Rs426.6 million for salaries, Rs411.5 million for utility bills and other office costs, and Rs40 million as charged expenses.
The non-development expenditure for the fiscal year has been estimated at Rs1.428 billion.
Meanwhile, an amount of Rs778 million has been earmarked for current development projects and Rs2.808 billion have been allocated for new development initiatives. The initial phase of each scheme would be governed in accordance with government directives.
The budget includes a total of Rs1.3874 billion for the construction of roads, the renovation of government buildings, and the maintenance, installation, and repair of street lights and traffic signals.
An amount of Rs10 million has been set aside specifically to repair and install street lights and traffic signals. Another Rs25 million is for road maintenance, Rs10 million for upkeep of residences of government officers, and Rs1.342 for the maintenance of the infrastructure of municipal corporations and providing basic amenities. The road repair work would extend to key roads and streets in the garrison city.
RCB collects Rs2.23b
The Rawalpindi Cantonment Board (RCB) recovered Rs2.23 billion on account of various taxes in the recently-concluded financial year. According to the details, the board collected Rs1.8 billion from 45,000 residential and 18,000 commercial properties during the year 2022-23. In the year before that, it had collected Rs850 million.
The collection included Rs450 million by the water recovery cell, Rs420 million on account of transfer property tax (TIP), and Rs180 million as property rent.
The RCB’s executive officer Imran Gulzar lauded the revenue recovery departments for mobilizing teams and achieving targets.
Published in The Express Tribune, July 4th, 2023.