Islamabad: The Rawalpindi Municipal Corporation (RMC) has proposed a surplus budget of PKR 2.55 billion for the Fiscal Year (FY) 2019-20, a news source reported. The authority will present the proposed budget to its administrator Saqib Zafar for approval.
As per the proposed budget documents, RMC expects to raise PKR 1.25 billion from its personal resources. This revenue would be added to the PKR 1.30 billion that the authority has carried over from the outgoing FY 2018-19.
For the upcoming FY 2019-20, RMC has allocated a sum of PKR 1.32 billion for development projects. The authority will primarily invest these funds in the construction of a parking plaza in the old municipal office on Jinnah Road. RMC has also allocated PKR 110 million for existing schemes and PKR 800 million for new ones.
Meanwhile, the budget summaries for both cantonment boards in Rawalpindi have also been approved. Also, Rawalpindi district administration has revised the property registration tax rates. The new rates will come into effect from July 1, 2019.