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Rs 23 billion CDA budget likely on June 29

ISLAMABAD: The annual budget of Capital Development Authority (CDA) for fiscal 2011-12 is likely to be announced on June 29 with an outlay of around Rs 23 billion, a senior CDA official told APP.

The draft of annual budget has been finalized and CDA Board and the Cabinet would announce it after the formal approval Division respectively, he said. The CDA Chairman Imtiaz Inayat Elahi would announce the budget with focus on projects of environmental up-gradation, development of roads and residential sectors.

CDA own resources would generate around 90 percent of revenue of total budget while the federal government has only allocated less than 10 per cent of it. This year, the federal government has allocated only Rs 2 billion for the CDA contrary to Rs 3.8 billion last year when the total budget outlay was Rs 22.7 billion. As per estimates, the CDA has allocated Rs 1.87 billion for maintenance. Around 60 per cent of total budget would be spent on development project and rest on non-development expenditures that includes payment of salaries and pensions.

Among the major development projects, the CDA is likely to execute in upcoming fiscal year including development of Park Enclave, widening of Kashmir Highway, construction of interchange and flyovers on Islamabad Expressway and above all the development of residential sectors. As per budgetary estimates, around Rs 600 million would be allocated for the projects aimed at environment protection of the city that also included plantation of half a million saplings. The environment package would also comprise beautification of roadsides and medians and that rainwater harvesting would be made mandatory at domestic level. “Non-development expenditures would be frozen, rather it would be reduced. The only hurdle CDA faces is the increase of salaries as announced by the federal government that would have to be catered for,” said the official.

The CDA has planned to increase its receipt by Rs 1 billion during the previous year by curbing pilferages, effective financial management and regularizing the cases lingering in litigations for years. The civic agency has planned to launch municipal bonds to generate above Rs 3 billion for what an agreement has already been signed with HBL, UBL and Standard Chartered Bank. Last year, the CDA planned to impose entry fee at parks and parking areas but the finance managers could not brought it into practice. In upcoming fiscal year, the CDA would also spend huge money on regularization of Zone-IV, stretched over 70,000 acres and would link it with Simly Dam Road to enrich the real estate value.

Rs 23 billion CDA budget likely on June 29
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Rs 23 billion CDA budget likely on June 29
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