Capital Development Authority (CDA) has approved a development-focused budget with total outlay of Rs49 billion with surplus of Rs10 billion for the financial year 2020-2021.
The approval was granted by the CDA Board in its meeting held at the CDA headquarters on Wednesday.
CDA has also managed Rs49 billion budget despite the fact that in last four years CDA spent more than Rs22 billion on MCI out of which around 16 billion rupees are still outstanding.
As per approved budget estimates for year 2020-2021, Capital Development authority will spend money on 89 development projects in Islamabad, the largest ever number for single year of development projects in the capital city. Out of these 89 development projects, 66 development projects are new while 23 are the ongoing development projects.
The main development projects for next financial year include Construction of Korang Bridge, PWD Underpass, Water from Indus feasibility and land acquisition and Construction of 10th Avenue from Public Sector Development Program (PSDP).
From its own resources CDA will fund the projects which mainly include City Rehabilitation Projects which includes low-cost housing for slums, cleaning of nullahs, public toilets, smart traffic system, Housing for BS1-01 to BPS-16 employees, preservation of green areas , forests parks, land fill and public transport.
Similarly projects like construction of Interchange at 7th Avenue and Park Enclave Extension will also be funded from CDA s own resources. Non Development expenditure will include 2601.44 million rupees as maintenance grant, 11877 million rupees as employees related and operational expenses and 2112.40 million rupees as MCI expenditure for three months.
As per approved budget estimates, expected receipts are Rs49 billion while expected expenditure is Rs39 billion. Out of the Rs39 billion expenditure, Rs24.5 billions (63 percent) will be spent on 89 development projects while Rs14.4 billion (37 percent) will be spent on non development expenditures.
The budget estimates for Financial Year 2020-2021 are in contrast to previous year’s whereby total budget outlay was Rs20 billion 36 percent development while 64 percent non-development expenditure.
Out of Rs49 billion receipts, CDA will receive Rs5843.288 million from the federal government’s Public Sector Development Programme (PSDP) and Rs2601.44 million from the federal government as maintenance grant.
The CDA will generate Rs4,310 million from its own revenues including transfer fee, building fee , water charges, property tax etc.
Similarly the authority is expected to generate Rs2,4585 .28 million from auction proceeds including sale of new Blue Area sale, sectoral auctions, Extension of Park Enclave etc while amount of Rs1,568.77 million is expected to be transferred from the MCI. The revised estimates for Financial Year 2019-2020 have also been approved.