SITE unveils Rs 1.187 billion deficit budget

The Sindh Industrial Trading Estates (SITE) unveiled on Monday the deficit budget of Rs 1.187 billion for the fiscal year 2011-2012.
Moreover, in order to generate funds and to reduce the deficit, SITE has also decided to enhance the mechanism of recovery of outstanding dues from the industries. The budget deficit has reached Rs 230.9 million.
SITE Finance Director Munir Qazi presented it in a meeting and later it was approved by the SITE Board of Directors.
Industries and Commerce Secretary Zamir Ahmed Khan chaired the meeting, whereas SITE Managing Director (MD) Abdul Rasheed Solangi, SITE Chief Engineer Shamsuddin Sehto, prominent industrialist Siraj Kasim Teli, Arshad Tanveer and Mazharul Haq attended the meeting.
In the budget 2011-12, income has been estimated at Rs 940.16 million, whereas the expenditure is estimated at Rs 500.12 million.
Out of the total budget of Rs 1.187 billion, some Rs 210.77 million have been allocated for development works, whereas funds have been earmarked for the establishment of a fire station at SITE Superhighway Phase-I.
According to the budget, the expenditure on account of employees’ medical facilities and other incentives has been estimated at Rs 500.12 million, repair and maintenance at Rs 130.5 million, and water and electricity facilities at Rs 320.67 million.
Besides, funds of at least Rs 20.6 million would be utilised for the development of SITE Karachi, Rs 20.9 million for SITE Superhighway Phase-I, Rs 70.1 million for SITE Superhighway Phase-II, Rs 22.5 million for SITE Nooriabad, Rs 15.5 million for SITE Kotri, Rs 40.2 million for SITE Hyderabad and Rs 70.7 million for SITE Sukkur.
The SITE MD said that the budget deficit had been reduced to Rs 230 million as compared to last year’s Rs 340 million.
He said that the construction work on Habib Bank flyover has started and funds of Rs 30 million have been provided by the Sindh government, whereas efforts are being made to receive the remaining Rs 90 million for the flyover.
In order to recover the outstanding dues against SITE’s tenants and governmental agencies, all the estate engineers have been instructed to take measures so as to minimise the budget deficit, he added.