LDA estimates Rs7.3b income in budget

[Lahore_Real_Estate]

LAHORE - Lahore Development Authority has finalised its budget for the fiscal year 2010-11, estimating income at Rs 7.3 billion against expenditures of Rs 6.3 billion, leaving Rs 1 billion as surplus amount.
TheNation has learnt that major chunk of the budget will be utilised in carrying out ongoing and new development schemes under Annual Development Programme (ADP).
As per the estimates, the opening balance stands at Rs 3.7 billion while LDA will generate Rs 1.7 billion from revenue receipts and Rs 1.9 billion from development receipts.
The LDA has allocated Rs 2.1 billion for payment of salaries to the employees and other non-developmental expenditures while Rs 4.2 billion has been earmarked for carrying out development projects under the ADP.
Major portion of the non-development allocation will be utilised to adjust 50 per cent increase in salaries, raise in medical allowance and increase in pension of the retired employees.
Major portion of the development outlay will be consumed in carrying out development schemes in LDA Avenue 1 and other housing schemes, projects under Lahore Rehabilitation Programme, development of Madr-e-Millat Road and construction of two parking plazas in the City.
Water and Sanitation Agency has already forwarded its proposed deficit budget to the LDA for presenting before the governing body for final approval in the next meeting.
The body will take up budget of LDA and its allied agencies WASA and Traffic Engineering and Transport Planning Agency (TEPA) in the coming meeting.