CDA likely to announce Rs308 billion budget

Islamabad : The Capital Development Authority (CDA) is likely to announce record Rs308 billion surplus budget for the fiscal year 2022-23.

This will be the first ever budget of CDA not based on auction receipts. Auctions have only been proposed to maintain constant supply of commercial space in the city.

This is the first time in history of CDA that a statement of income and receipts are not reliant on auctions. Traditionally it has often been said that CDA sells plots and pays salary and for the first time the trend is being changed.

The board meeting of the CDA was informed on Thursday that revised estimates for 2021-22 are still closing with a surplus of nearly Rs68 billion. Meanwhile for 2022-23 the estimates are Rs308 billion. Primary source are revenue generating projects of CDA.

Amongst the agenda of the meeting, was presentation on CDA receipts and expenditures for 2022-23. Under section 43 of CDA ordinance this is required to be submitted in February each year. The same stands submitted today.

In 2021-22 CDA made highest expenditure on development and proposed plan is for near 80% development vs 20% on recurring. This is complete reversal from inefficient trends historically associated with budget heavily tilted towards non development.