CDA proposes Rs26b budget for next fiscal year

ISLAMABAD  – Finance wing of Capital Development Authority (CDA) has proposed a budget of Rs 26 billion in the draft prepared for the fiscal year 2012-13. According to details, CDA would get Rs one billion grant from government under Public Sector Development Programmes (PSDP) while Rs 1700 million funds have been allocated for maintenance.Sources said that the body would earn Rs 4600 million through property tax, water charges, municipal sources, environment and other sources.

Map of Islamabad

Map of Islamabad (Photo credit: Wikipedia)

The authority plans to generate Rs 16 billion through sale of sectors C-15 and C-16, and Rs three billion by sale of municipal bonds. In the CDA budget for 2012-13, no new tax would be imposed but the body has sent a summary to cabinet division for approval regarding increase in property tax and water charges.During next fiscal year, the CDA would complete work on various development projects including construction of parliament lodges, Kashmir Highway, Margalla and 11th Avenues and two underpasses. The body was also set to start development work on EAD, initiating bus service, construction of enclave widening of Karal Chowk and Islamabad Highway to Rawat.