CDA allocates Rs24.5b for 89 development schemes.

ISLAMABAD -- The Capital Development Authority (CDA) has allocated Rs24.5billion for its 89 ongoing and new development schemes for Islamabad in its budget for financial year 2020-21.

The CDA board has approved the landmark development focused budget estimates with total outlay of Rs49 billion with surplus of Rs10 billion for the financial year 2020-2021. As per approved budget estimates, expected receipts are Rs49 billion while expected expenditure is Rs39 billion. Out of Rs39 billion expenditure, Rs24.5 billion - 63 percent - will be spent on 89 development projects while Rs14.4 billion - 37 percent - will be spent on non-development expenditure. The budget estimates for financial year 2020-2021 are in contrast to previous year, whereby, total budget outlay was Rs20 billion with 36 percent development while 64 percent non-development expenditure.

Out of Rs49 billion receipts, CDA will receive Rs5843.288 million from federal government through PSDP and Rs2601.44 million from federal government as maintenance grant. The CDA will generate Rs4310 million from its own revenues including transfer fee, building fee, water charges, property tax etc. Similarly, CDA is expected to generate Rs24585.28 million from auction proceeds including sale of new Blue Area sale, sectoral auctions, extension of Park Enclave etc. while amount of Rs1568.77 million is expected to be transferred from MCI.

Revised estimates for financial year 2019-2020 have also been approved. The approval was granted by CDA Board in its meeting held at CDA headquarters on Wednesday. The CDA has managed Rs49 billion budget despite the fact that in last four years, CDA spent more than Rs22 billion on MCI out of which around Rs16 billion are still outstanding. As per approved budget estimates for year 2020-2021, the civic authority will spend money on 89...