KARACHI, June 19: Gadap Town’s council has approved a surplus budget for the fiscal 2005-2006 at a meeting held here under the chairmanship of the town’s naib nazim. Nazim of the town Ghulam Murtaza Baloch presented the budget.

The budget shows estimated receipts as Rs597.913 million against the expenditure of Rs597.148 million, making it a surplus of Rs764,968. The opening balance has been shown as Rs70.235 million

An amount of Rs354.5 million has been earmarked for development whereas Rs10 million has been set aside at capital.

The receipts include a revenue generation of Rs270.165 million.

The main source of income is a matching grant in lieu of octroi tax to be received from the City District Government Karachi. The other sources are water charges, property tax, share in revenue from transfer of property, tender fees, road-cutting charges and rent of buildings.