RMC collects Rs2.78bn in 10MFY24

The Rawalpindi Municipal Corporation (MC) has collected Rs2.78 billion in revenue in the first 10 months of the current fiscal year (FY24), surpassing the annual target of Rs2.69bn and maintaining Rs5bn cash balance in its accounts.

Municipal Officer Finance Raja Iftikhar Ahmed retired from service after 35 years on May 4 with the honour of achieving over Rs90 million more in revenue two months before the end of the current fiscal year.

Official statistics available with The Express Tribune reveal that the RMC collected Rs90m more in revenue against the target of Rs2.69bn for FY24. With total collection stands at Rs2.78bn as of April 30 and two months left, the corporation is expected to collect Rs1bn after the approval of pending cases in terms of commercialisation fee.

Currently, the RMC is also constructing city roads with its financial resources worth Rs2bn. The corporation has collected Rs850m from property transfer taxes, Rs890m from short-term and long-term investments, Rs550m from UIP tax, and Rs500m from rent of municipal properties. Similarly, the RMC also collected more in revenue from Pir Wadhai general bus stand, parking fees from different places, and frees from building plans. According to sources, the corporation is likely to recover more in terms of income from all sources till June 30.

Meanwhile, MOF Raja Iftikhar Ahmed, who played a central role in ensuring recovery from all sources while maintaining the best financial discipline in RMC, reached the age superannuation on May 4 after completing his 35 years in service. RMC officers and employees appreciated his services to the entity.

Published in The Express Tribune, May 6^th, 2024.