- 4-
accepted at the time the Memorandum of Administrative Arrangements was
dran up between the Government and the Urban Council as being reasonably
representative of overhead costs, and was adopted for administrative
convenience in preference to a more detailed formula. While it is
considered that there is every advantage in using a simple single
percentage, it is also felt that it would be wrong to attach to the
figure a precision which it cannot have. For this reason, it was agreed
that the existing oncost figure should remain in force until 31st arch
1977. The Urban Council was advised that overhead costs would be
re-examined during 1976, with a view to determining a new figure for
application from 1st April 1977. The same approach was adopted for
the Housing Authority.
EXFEITURE
Faragraphs 27 and 28: Local education allowances
10.
The present system is under review and it is hoped to implement
changes for the 1977-78 academic year.
Paragraph 29: Payment systems
11.
The Director of Accounting Services is continuing discussions with
the Hong Kong Bankers' Clearing House regarding the payment of school fees
through autopay. At present, payments of salaries to over 97,000 officers,
rent and other allowances, public assistance and education subventions are
made by direct bank credit. Government pensioners will also be paid in a
similar manner.
Paragraph 34: Head 52 - Miscellaneous Services
12.
Subhead 121 Refunds of revenue
Action is now in hand to amend the Securities (Dealers, Investment
Adviser and Representatives) Regulations 1975 to clarify that the fees are
payable on registration or renewal of a registration, and not in respect
/of.....
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