LAHORE – A Finance Department spokesperson claimed on Sunday that the provincial government had closed the account of financial year 2011-12 with a surplus cash balance of Rs2.5 billion.

“This surplus balance was achieved despite the fact that revenue collection of approximately Rs100 billion reported by the Federal Board of Revenue was not disbursed by the federal government to the provinces during the financial year 2011-12. This amount included the punjab government’s share in excess of Rs20 billion,” he maintained.

The spokesperson said had this amount been released by the federal government, the Punjab government would have closed the financial year with the level of surplus expected of it by the federal government.

“In any case, the withheld amount of revenue is available in the federal exchequer; the surplus of over Rs20 billion was contributed by the Punjab government though it is not reflected in the accounts,” said the spokesperson, adding that the Punjab government did not invest any of its funds in T-bills.