267
The high 1966-67 revised figure for "Interest" is due to larger initial balances and higher yields than were anticipated from these balances, partially consequent upon some changes in their composition during the year. Under "Buildings and Furniture" the increases stem from the implementation of the 1965 Salaries Commission Report and from rents accruing to the Crown on the expiry of leases. The latter were formerly credited to "Leased Lands" and this change accounts for the decrease under that subhead. The increase in "Resettlement Rents" follows higher rents from certain shops and the completion of further estates. "Low Cost Housing Rents" for 1967-68 are estimated at $1,970,000 more than the approved 1966-67 figure due to the take over next year of the Ngau Tau Kok estate. Delay in completing this estate is reflected in the lower revised 1966-67 figure.
Estimate 1967-68
Revised estimate 1966-67
Approved estimate 1966-67
HEAD 12 - LAND SALES
$75,000,000
74,423,000
67,481,000
73,355,395
Actual revenue 1965-66
The total estimate of this Head for 1967-68 is almost the same as the revised estimate for 1966-67 but there are significant changes in its composition. The revised 1966-67 figure for premia on modification of existing leases, etc. is $5,956,000 up on the approved amount and is expected to increase further in 1967-68—the main increases being derived from Tsuen Wan District. A substantial increase in 1966-67 on premia on new leases has not been maintained at the same rate in the 1967-68 estimate in view of the slow recovery of activity in the property market.
Head 83.
HEAD 13 - WORLD REFUGEE YEAR GRANTS
Estimate 1967-68
Revised estimate 1966-67
Approved estimate 1966-67
Actual revenue 1965-66
$ 343,000
540,000
486,000
2,032,480
These receipts represent reimbursements of expenditure on the projects set out in Expenditure
HEAD 14— CONTRIBUTIONS TOWARDS PROJECTS
Estimate 1967-68
Revised estimate 1966-67
Approved estimate 1966-67
$4,240,000
7,322,000
8,629,000
3,115,862
Actual revenue 1965-66
The receipts under this Head represent donations towards expenditure on the works listed.
COLONIAL DEVELOPMENT AND WELFARE GRANTS
Estimate 1967-68
Revised estimate 1966-67
Approved estimate 1966-67
Actual revenue 1965-66
-
286,000
586,539
The receipts under this Head represent the proportionate reimbursement of expenditure on the schemes concerned. The scheme in respect of Kowloon Wholesale Fish and Vegetable Markets has been revised and $286,000 is the additional grant available in 1966-67.
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