Society
Audit Reports , Notes and Budget 2007-08
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Annual Budget Meeting 2007- 08
Introduction and General Remarks The Co-operative Model Town Society was established in 1921 and registered under
the Co-operative Societies Act, 1912. The Society purchased an
area of 1963 acres from the Govt. of Punjab at a cost of Rs. 400/-
per acre. After partition, the Society was declared Evacuee Property.
In 1962 it was again registered as Co-operative Model Town Society
(1962) Limited. In 1978, an area of 500 acres was forcibly acquired
by LDA for development of a housing scheme namely, “Model Town
Extension”. In lieu, LDA developed the road infrastructure and
sewerage system in Model Town. In 1982 under MLO No: 856, the Society
was taken over and an Administrator was appointed with all the
powers and functions of the Management Committee and General body.
From 1982 to October 23rd, 2002, the Society remained under the
control of the Administrator. As a result of elections held on
September 29th, 2002, the management of the Society was handed
over to the elected representatives. The set-up was again replaced
by Administrator in 2004. From June 2004 to January 2006, the Society was run by the officials appointed
by the Registrar Co-operative Societies Punjab. The society was
again restored on the orders of the Chief Minister Punjab. As a
result of election held on December 25th, 2005 new Managing Committee
came into being. The Society’s affairs are now being managed by
the President and the Managing Committee.
The 2nd Budget of this Management for 2007-08 has been
prepared contemplating requirements for the ensuing year and was
placed before the General Body meeting held on July 15, 2007. The
house was pleased to approve the same over whelmingly.
Main Sources of Income:-
The main source of society’s income is as under:-
- Share of Urban
Immoveable Property Tax from Excise and taxation
Department.
- Cess on Property.
- Rental Income.
- Income from Contracts.
- Municipal charges and miscellaneous receipts.
- Water supply.
SALIENT FEATURES OF THE BUDGET 2007-08:-
- The main motto of this budget is
to indicate development & non-development
projects to ensure financial planning and control.
- No enhancement in existing tax during 2007-08,
except increase of rental income.
- No new tax has been proposed.
- It is a development oriented budget. An amount
of Rs. 220 (M) has been kept for development
works.
- Rebate of 50 paisas per unit in the electricity
tariff has been given to members.
Electricity :-
- Drastic improvement in the old and overloaded
electricity distribution system has been
done.
The Society will
do ensure following:-
- Construction of a new Grid Station
of Rs. 40 (M) has been proposed.
- Renovation and up-gradation
of existing system in Rs.
23.795 (M).
- Repair and maintenance
in Rs. 24.47 (M).
- To make arrangements
for own Power Generation
Plant. Feasibility study
for 32- MW power plant
was completed last
year. Now society is negotiating
with various companies
for deciding
about the plant.
Roads :-
- Widening / resurfacing
and repair of internal
block roads in Rs.
71 (M)
has been proposed.
Water Supply System:-
- Rs. 14.50 (M) has been kept
for new tube-wells and Rs.
10.8 (M)
for repair of existing tube-well.
There is no more
shortage of water and electric
motors are
being removed from
houses due to good
pressure.
Building:-
- Construction
of new office building
for Rs. 15 (M) has been proposed.
The
existing office
is
housed in Model
Town Club building since
inception.
- Construction
of Community
Centre for Rs. 20 (M) has
been kept
for which a place is already
earmarked
in master plan.
- Vehicles:-
Vehicles
for Security
and other departments will be acquired
for
Rs. 2 (M)
for more
efficient working.
Auction of Plots:-
- Residential and Commercial plots lying vacant
since partition are being auctioned to stop
encroachments.
- Retrieval of Linear Park from PHA and plans
to manage it at own expense. Rs. 5 (M)
has been kept for its maintenance.
The Annual Budget 2007-08 and Revised Budget 2006-07
is purely based on the proposals, amendments, change of allocations
and recommendations of the Managing Committee and the General Body.
316 Members of Model Town Society have attended the AGM
flower show, Model Town Society
Community Centre Foundation Stone Ceremony
Managing Committee Meetings
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