For 2009-10, the allocated budget was Rs26 billion. “The financial crisis led to less opportunities for resource generation. Consequently, the next year’s budget would be less than this year’s,” said Chairman CDA Imtiaz Inayat Elahi. He said in the given circumstances, it was a realistic budget.
Addressing a press conference in Islamabad, the chairman said that the CDA’s total resources for the next financial year has been estimated at Rs22.72 billion against the estimated total expenditures of Rs22.7 billion, depicting a nominal surplus of Rs2.7 million.
Elahi said 83 per cent of the budget is being generated by the authority through self financing which is Rs18.859 million and the remaining 17 per cent is being provided by the government which is Rs3.815 million. “The amount provided by the government will be utilised on the maintenance of the government offices and parliaments lodges,”he added. The focus of the budget is on development with allocation of Rs13.697 billion. He said for the year 2010-11 the CDA will try to generate revenue through tax collection and selling property.
“The CDA has estimated tax collection at Rs4.5 billion, and through the auction of the municipal bond Rs3 billion and from auction/allotment of residential and commercial plots Rs11.4 billion would be generated.”
He said in this year the tax collection will be more strictly monitored. Chairman CDA said this year the major focus will be on energy conservation, completion of the ongoing infrastructure development projects and maintenance. “No mega project is going to be initiated in 2010-11 as the focus will be more on completing the ongoing infrastructure projects before the prescribed time for their completion,” he maintained.
However, he said that if the need arises to start any mega project then the authority will ask the government to finance it. The chairman said the feasibility report for providing modern mini buses for the residents of the capital has been completed. He said the CDA was not planning to open any new sector in the capital as first it wanted to resolve the earlier disputes. He said the CDA has no money to pay the liabilities for the land acquisition. He said the CDA would try to initiate projects through public private partnership and offer land to the investors for development.
Published in The Express Tribune, June 30th, 2010.
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