CDA Falls Short of Revenue Targets, Misses Out on Rs. 260 billion
ISLAMABAD: The Capital Development Authority (CDA) missed out on over Rs. 260 billion in planned earnings by failing to reach its high income goals set in the budget estimates for the previous fiscal year.
The CDA board accepted the budget estimates for the current fiscal year as well as the updated projections for the prior year during a meeting on Tuesday that was presided over by Captain (retired) Noor ul Amin Mengal.
Read More: CDA Gives Information on Forthcoming Developments in Islamabad
High revenue goals were established by the authority in the projected budget estimates for the previous year, but they were not met by the conclusion of the 2022–23 fiscal year.
Although it was anticipated that 330 billion rupees would be collected in income last year, as of June 2023, the CDA had only obtained 69.037 billion rupees.
The CDA’s self-financing account, which receives money from the sale of residential and commercial plots, is its main source of funding.
The city authority was projected to receive Rs. 234 billion from this source in the previous budget.
By the end of the year, the CDA had only been able to recoup Rs. 24.86 billion from this account.
Read More: CDA to Approve Development Plans for Sectors D-13, F-13 & E-13
In addition, the authority was unsuccessful in collecting Rs. 52 billion that was owing to it by several government organisations, including the Water and Sanitation Agency, the Rawalpindi Cantonment Board, Pakistan Television Corporation, Radio Pakistan, and Metropolitan Corporation.
The CDA was owing Rs. 56.18 billion, but in the most recent fiscal year, it could only recoup Rs. 4.193 billion.
The CDA board has, in the meantime, approved the civic authority’s 2023–24 budget estimates, which total roughly Rs. 150 billion. The budget seeks to strike a balance between income and expenses.
The CDA expects to earn Rs. 150.94 billion from various sources and plans to spend Rs. 150.1 billion during the current fiscal year, according to budget estimates.
The budget forecasts were accurately prepared by the authority’s financial division.
According to the forecasts, the CDA will earn Rs. 78.93 billion from its self-financing account, Rs. 3.9 billion from property and water charges, Rs. 1 billion from the Metropolitan Corporation, and Rs. 52 billion in unpaid debts from the aforementioned government bodies.
Read More: CDA to Create Wing for Bye-Law Implementation
It is important to note that because the financial capacity of the civic authority has already decreased, no unusual tax increases are being proposed to enhance revenue.
The budget document also includes a breakdown of the projected spending, which for this fiscal year totals Rs. 150.09 billion.
Included in this are Rs. 107 billion for construction projects, Rs. 16.25 billion for wages and pensions, Rs. 8.5 billion for contingencies, and Rs. 1 billion as a loan to the Metropolitan Corporation to do its business.
A brochure for a planned restaurant site sale on Capital Street, next to the Pak-China Friendship Centre in the Shakarparian Area, was also approved by the CDA board.
Read More: CDA to Construct ‘Alexander Road’ Linking Islamabad with Haripur
According to the brochure, 20 500 square yard plots will be put up for auction.
However, only those who can legitimately vouch for running a restaurant or a similar business over the last five years are permitted to participate in the auction.
Despite the CDA’s assurances that Capital Street will adhere to international norms, the authority’s track record raises questions about whether such pledges can be kept.
The initial layout plans for sectors D-13, E-13, and F-13 were approved without topographic surveys, which caused planning concerns. The board also approved amended layout plans for these sectors.
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