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I developed in the budget speech of the coming year's revenue and expenditure estimates, set in the context of a forecast of revenue and expenditure, on both recurrent and capital account, over the following three years, set in the context of an order of cost of projected capital works
over a ten year period is designed to enable honourable Members to take a view on policy questions well in advance of whatever decisions have to be taken on fiscal questions.
43. I was under no conventional obligation to do this: I could have just dealt with the coming year's budgetary problems
I had to alone. But that would have been irresponsible. draw together the financial implications of approved policies, on the one hand, and a whole range of developing policies and programmes on the other, as best as I could and present the results to honourable Members for their due consideration.
44. Now, whereas the draft Estimates of Expenditure for 1974-75 as such have been examined by the Finance Committee under the procedure provided for in the Standing Orders of this Council, I must frankly admit that, in this debate on the second reading of the Appropriation Bill, I had expected honourable Members to pay more attention to the financial implications of our developing policies and programmes now laid before them. I see no possibility of these policies being implemented at the rate envisaged in Appendices V and XI of the Estimates, but not for the reasons put forward by my honourable Friend Mr. Szeto Wai, namely, delays in planning The fact is that my honourable Friends
and construction.
the Director of Public Works and the Secretary for Housing are confident that they can spend at an annual rate of $2,200 million at 1974 prices from 1975-76 onwards,
but the forecast envisages an annual rate of $2,850 million or thereabouts and this is more than we can afford (or manage).
45. So we do have a budgetary problem coming up and my honourable Friend Mr. Szeto Wai for all his arithmetic skills so often deployed to my temporary discomfort, cannot just wave
it away.
Something along the lines of my package of proposals will be required if we are to finance expenditure of the order
And we proposed in my budget speech for the forecast period. also have a rephasing cum priorities problem, possible
/solutions..
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