NewsJune 05, 2017
Over Rs1 trillion Sindh budget presented
KARACHI: Sindh Chief Minister Syed Murad Ali Shah, who also hold the provincial finance portfolio, presented annual budget of Sindh province, in Sindh Assembly on Monday.He said that the total receipts of Province for financial year 2017-18 are estimated at PKR 1.02 trillion against an estimated expenditure of PKR 1.04 trillion.
Receipt estimate reflect an increase of 19.3% over budget estimate of PKR 854.5 billion for Current Financial Year.
In his budget speech he said there is great potential in Sindh, its people, its resources and the unique position it holds in the country.
"It is only through smart choices, informed decision-making and unrelenting effort that we can forge ahead for a better future.
We want to ensure that our future generations grow up in an environment, which maximizes prospects for growth and development in all sectors of society."
About the revised estimates 2016-17, Murad Shah informed the House that against an estimated budgetary amount of PKR 854.5 billion the revised receipts of the Province for Current Financial Year 2016-17 stand at PKR 873.9 billion.
As mentioned earlier we are facing a shortfall on account of Federal Transfers.
During ten months of this financial year against budgeted receipts of 456 billion we have only received 382 billion.
Based on these figures we will be facing a shortfall of 95 billion at the end of this financial year.
Receipts of Federal PSDP are revised to PKR 5.9 billion from PKR 12.2 billion; whereas revised Foreign Project Assistance stands at PKR 23.04 billion.
We were largely able to achieve our provincial tax receipt targets. The Sindh Revenue Board and Excise, Taxation & Narcotics Control Department were able to achieve their tax targets.
However, non-tax receipts targets were compromised due to fewer land transactions during current financial year."
The provincial tax and non-tax receipt is revised to PKR 159.29 billion against an estimated target of PKR 166.03 billion.
On the expenditure side the budget has been revised from PKR 869.11 billion to PKR 877.59 billion.The current expenditure has been revised to PKR 606.96 billion from PKR 572.76 billion.
The increase is primarily because of the outside supplementary budgetary allocation of PKR 25 billion made on account of settlement of longstanding electricity dues.
He said the government had undertaken a comprehensive reconciliation exercise of electricity dues and as a result of our diligent efforts only PKR 27 billion were payable against a demand of PKR 55 billion.
The development expenditure is revised at PKR 210.5 billion against an estimated allocation of PKR 225 billion.
It is worth mentioning that current financial year recorded the highest utilization of development funds.By the end of CFY the government, he said, will be able to spend 88 % of the development budget that is 20 % higher than last FY.
It reflects on our growing capacity and our rational financial management. About the budget estimates 2017-18, the House was informed that the total receipts of Province for financial year 2017-18 are estimated at PKR 1.02 trillion against an estimated expenditure of PKR 1.04 trillion.
Receipt estimate reflect an increase of 19.3% over budget estimate of PKR 854.5 billion for Current Financial Year.
Receipts from Federal Government on account of revenue assignment, straight transfer and grants are estimated at PKR 627.3 billion.
Receipts from Federal Government are 61.5 % of the total receipts of the Province. Receipts of Federal PSDP are estimated at PKR 27.3 billion.
Receipts on account of Foreign Project Assistance (FPA), budgetary support loans and grants are estimated at PKR 42.7 billion.
Receipts from provincial own sources including tax and non-tax receipts are estimated at PKR 199 billion.The targets of provincial own sources have been increased by 16.5%. On the expenditure side the outlay of budget is estimated at PKR 1.04 trillion as against budget estimate of PKR 869.11 billion, reflecting an increase of 19.6%.
The current expenditure including Current Revenue Expenditure of PKR 666.47 billion and Current Capital Expenditure of PKR 32.64 billion stands at PKR 699.11 billion.
For next financial year Current Expenditure constitutes 68.2% of the total provincial budget reflecting an increase of 14 % over estimates of PKR 572.7 billion for current financial year.
Estimates of development expenditure for Financial Year 2017-18 are pitched at PKR 274 billion. This allocation is unprecedented and an all-time high.
"It speaks volumes about our efficient resource allocation. Sindh has witnessed a decade of sustainable development.
We are committed to take Sindh to new heights of progress and prosperity.During the current financial year, we undertook interventions to improve financial management and reporting. We have submitted before this house quarterly Budget Execution Reports.
Also, for successive years we have been preparing the Budget Strategy Paper unfolding commitment of the government towards transparency and disclosure.
Courtesy www.thenews.com.pk
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