The Rawalpindi Cantonment Board (RCB) has approved a budget of Rs5.759 billion with a surplus of Rs700m for the financial year 2023-24. The budget, which did not include any new taxes, was approved in the board meeting consisting of elected and nominated board members. The budget has been sent to the director of Military Lands & Cantonment (ML&C) for final approval.
RCB President Brigadier Salman Nazar chaired the meeting which approved the budget.
According to the document, funds of Rs1 billion have been allocated for development projects in the current financial year. Another Rs1.5 billion has been set aside for salaries, pensions and other non-developmental expenditures.
The RCB is slated to earn Rs1 billion in property tax, Rs500 million in tax on immovable property (TIP) and Rs400 in lieu of water charges. It warrants mention that the budget for the previous financial year was Rs4.592 billion.
The budget meeting was informed that unlike in the past, the RCB had not received any grant from the federal and provincial governments for development projects in the last year. This meant no major development projects could be initiated in the cantonment during that period.
As an alternative, the board had decided to establish new assets to increase its revenue sources.
It has been decided to construct three commercial plazas on cantonment land, with the cost included in the budget. Meanwhile, efforts would be made to reduce non-developmental expenditure.
Published in The Express Tribune, July 8th2023.
#RCB #seeks #assets #increase #revenue