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XCC(74)36
The UPGC estimates that furniture and equipment will amount to at least 30% of the building costs or a further $40 million for Phases I and II. The capital cost of housing stafff on the scale the UPGC envisage could be well over $100 million by the time the Polytechnic is fully developed.
Summary of UPGC Recommendations in Annex C
22
The Committee's recommendations to Government as received may be summarised as follows:
(a)
(b)
(c)
(d)
(e)
approval in principle of the Polytechnic main development plan entailing an overall provisional commitment of up to $247 million for buildings, engineering works and fees at August 1973 prices (but excluding furniture and equipment and any provision for quarters);
confirmation of an ultimate expansion target of 8,000 full time equivalent students for the Polytechnic;
acceptance of a firm commitment of up to $147.22 million in respect of Phases I and II of the Hung Hom development plan;
the requirements of Phase III to be further reviewed by the UPGC and recommendations thereon to be made to Government by July 1976, and
commitments to be accepted as follows for the Government financial years:
1974/75 1975/76 1976/77
$77 million
$60 million
$10. 22 million
Financial restraints in respect of both recurrent and capital expenditure for the Polytechnic
23
As explained in paragraphs 18 and 19 of the Executive Council memorandum XCC(74)35 on grants for the universities, in forecasting the surplus on recurrent account available for transfer to the capital account over the next three years, the Financial Secretary ausumed recurrent expenditure on grants to the universities and the Polytechnic at a level not appreciably lower than the recommendations the UPGC have now put forward.
CONFIDENTIAL
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