Adjusting public investment capital, balancing the budget

( Quang Ngai Newspaper) - After 4 months of monitoring budget revenue, the Provincial People's Committee has identified difficulties in revenue collection and promptly applied a corresponding budget expenditure reduction scenario. In particular, the province pays special attention to adjusting public investment capital corresponding to the reduced revenue, avoiding an imbalance between revenue and expenditure.

Some projects have not started yet

In 2024, the province's total public investment capital will be about VND 6,300 billion; of which, capital from land use fee revenue is VND 2,496 billion, accounting for nearly 40%. However, this revenue source is currently not reaching the set target, due to many difficulties in the real estate market, affecting the auction of land use rights and bidding for land plots to collect the budget. The Department of Natural Resources and Environment forecasts that the feasible revenue from land use in 2024 will only reach about VND 248 billion, equal to 9.54% of the central budget estimate (VND 2,600 billion) and equal to 6.3% of the province's plan (VND 3,879 billion). Therefore, the Department of Finance has advised the Provincial People's Committee to cut public investment expenditure corresponding to the forecast revenue shortfall. Accordingly, the province will cut and not allocate capital for projects invested from land use fee revenue.

Completing construction of items within the Provincial Convention and Exhibition Center. Photo: T.NHI

Implementing the direction of the Provincial People's Committee, currently, departments, branches and investors of public investment projects with capital from land use fee revenue are focusing on reviewing and implementing expenditure cuts. The viewpoint is to create conditions to accelerate the progress of projects that have started construction, with volume and time specified to be completed in 2024, to put the works into use as planned. Projects that have not started construction must be temporarily suspended, to avoid the case of projects starting construction but without capital, unfinished implementation. Currently, there are a number of projects planned to start construction in 2024 invested by the People's Committees of Ba To and Minh Long districts, the Provincial Traffic Construction Investment Project Management Board, the Dung Quat Economic Zone Management Board and the provincial industrial parks with capital from land use fee revenue that have been determined not to start construction. For example: Ba Trang road project to Cay Muoi village (90 billion VND), Phuoc Giang river embankment (80 billion VND); Some reservoir projects, traffic infrastructure investment projects inside and outside Dung Quat Economic Zone...

Focus resources on urgent projects

Faced with forecasts of a decrease in budget revenue due to a decrease in land use fees and from Dung Quat Oil Refinery (which has temporarily stopped production for the 5th general maintenance), the Departments of Planning and Investment and Finance are advising the Provincial People's Committee to manage appropriate public investment spending. The proposed plan is to ensure a balance between revenue and expenditure; cut unnecessary project expenditures and those without sources; at the same time, focus capital on important and urgent projects serving people's lives. Of which, 2 new projects will be prioritized for implementation and capital allocation to start construction, namely the Thach Bich Park project (Quang Ngai City) and the project of the Rainwater and Wastewater Collection and Treatment System of Quang Ngai City in the southern basin of the lower Tra Khuc River.

For transitional projects, the province has prioritized allocating sufficient capital to ensure completion in 2024 for the following projects: the Provincial Center for Disease Control, the Provincial Convention and Exhibition Center, and the project to invest in building an anti-erosion embankment combined with creating land fund on the north bank of Tra Khuc River, through Tinh An and Tinh Long communes (Quang Ngai City). At the same time, capital will be allocated according to progress for major projects that are set to be completed, inaugurated, and have a signboard to welcome the 21st Provincial Party Congress such as: Hoang Sa - Doc Soi Road Project, Bridge and Road Project connecting Son Tinh District Center to Tu Nghia District (Tra Khuc 3 Bridge)... In addition, attention will be paid to allocating the province's capital for projects invested by the district-level People's Committee with the goal of striving to reach the finish line to have a signboard to welcome the district-level Party Congress taking place in early 2025, such as Thanh Duc Bridge (Duc Pho Town), Thach An Bridge (Binh Son), Tu Nghia District Party Committee headquarters project...

THANH NHI

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