Capital Development Authority (CDA) is likely to present around Rs 30 billion budget for the fiscal year 2018-19 in the last week of June against Rs 37.97 billion budget for the outgoing financial year. The CDA sources revealed that the budget is still under consideration and will be presented in board meeting scheduled to be held by mid-June.
The CDA spokesperson while talking to Business Recorder told that the budget has not been finalized yet but it is expected to be around Rs 30 billion. He said after the approval from CDA board, the budget will be forwarded to the prime minister for approval through Capital Administration and Development Division (CADD).
He further told that this time the Metropolitan Corporation Islamabad (MCI) would not be a liability on CDA as the federal government has allocated Rs 13.8 billion to MCI for the fiscal year 2018-19. He said there is a small leftover budget which will be added in the next budget, as a number of projects are still pending, which will be completed during the next fiscal year. The CDA is issuing tender notices frequently to complete some projects, which can be completed before new fiscal year, he added.
The CDA had announced Rs 37.97 billion budget for the year 2017-18 with Rs 5.827 billion deficit approximately due to the allocation of Rs 5.8 billion to the MCI. However, the CDA generates major portion of its revenue through sale of land. The sources told that a significant portion of the development budget would be spent on important projects. Moreover, it is also at the government's discretion if it has any allocation of funds for CDA under the Public Sector Development Program (PSDP).
The MCI, which represents the 50 union councils of Islamabad, has no funding to run its affairs. The budget will be approved in a CDA board meeting in June to be chaired by Mayor Sheikh Ansar Aziz and Chairman CDA Usman Akhtar Bajwa and will be passed by board members.
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