CDAs ambitious Rs 22.7bn surplus budget announced

Pakistan

CDAs ambitious Rs 22.7bn surplus budget announced

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29 June,2010 06:37 pm

The annual budget of the Capital Development Authority for fiscal 2010-11 was announced on Tuesday having outlay of Rs 22.7 billion, with ambitious plans of revenue generation and keeping the infrastructural maintenance and sector development at top. CDA will generate almost 83 percent revenue from its own resources. 17 percent of budget have been allocated by the federal government under Public Sector Development Programme, said Chairman Imtiaz Inayat Elahi announcing the budget in a press briefing. Out of total allocations of Rs 22.710 billion, Rs 3.815 billion would come from federal government, Rs 4.47 billion from CDAs revenue accounts, Rs 3 billion from Municipal Bonds and Rs 11.421 billion from sale of land assets, making the budget surplus with Rs 2.771 billion. Chairman CDA said the development of city would be focused in upcoming fiscal for what Rs 13.697 billion have been specified against Rs 9.012 billion for non-development expenditures. Imtiaz Inayat Elahi told media that the Authority would increase its receipts by Rs 1 billion by curbing the pilferages, effective financial management and regularizing the cases lingering in litigations for years, besides running an austerity drive. Non-development expenditures have been frozen, rather it would be reduced. The only hurdle we may face is the increase of salaries as announced by the federal government but it has been catered for, said the chairman. He said the Authority has neither purchased any vehicle during the outgoing fiscal year nor it has got furnished any office and the course would be followed in upcoming fiscal too as measure to manage resources. Besides effectively pursuing governments austerity drive, the civic body is promoting use of energy savers and replacing streetlights with modern technology consuming minimum power.Spelling out the priorities set in the budget, the Chairman CDA said smaller sectors of G and I series will be provided maximum facilities with beautification of Marakiz and footpaths what he said are not a costly solution. Regarding environment conservation, he said Rs 628.738 million have been allocated to be spent on plantation, energy conservation and rainwater harvesting as 20 such projects have already been initiated to recharge underground water table amidst water scarcity. Hinting at increasing property taxes on basis of location of property and introducing park fees, the Chairman said, we want to sustain the beauty of federal capital by announcing some token entry fee. Among mega projects to be executed in next fiscal include widening of Kashmir Highway, a turning bridge at Koral Chowk, conversion of Jinnah Super market into City Center, and above all the introduction of air-conditioned transport service, Mentioning to regularization of structures in Zone-IV area, stretched over 70,000 acres, and said the area would also be linked with Simly Dam Road to enrich the real estate value.He told media that Authority has acquired land for development of six residential sectors but the priority would be given to the stalled sectors like I-11, I-12, D-12 and I-15, adding that Islamabad Chamber of Commerce and Industry has assured cooperation for development of Sector I-17 where industrial units will be shifted. Imtiaz Inayat Elahi said the CDA would be the first development authority issuing municipal bonds that would bring in Rs 3 billion in CDAs kitty for what an agreement has already been signed with HBL, UBL and Standard Chartered Bank. Commenting on water scarcity, he said the land acquisition of Cherah Dam has been initiated and the proposals for induction of pipeline from Tarbella and rehabilitation of waterworks across the federal capital have been forwarded to the federal government to seek funding for multi-billion projects. Of total projects, the Authority has allocated Rs 700 million for Zero Point Interchange, Rs 700 million for Lehtrar Road, Rs I billion for land acquisition, Rs 600 million for Kurri Village, Rs 250 million for F-9 Park, Rs 200 million for Citizen Club, Rs 300 million for sector development, Rs 100 million for transport project, Rs 100 million for City Center and Rs 150 million for bridge on Koral Chowk.