21. During the year the net project issues amounted to $40,797,862; repayments totalled $17,412,145 and repayments waived $12,975. A summary of the project balances, with the corresponding balances at 31st March, 1975 is given bolow:
($ million) 31.3.75
($ million) 31.3.76
($ million) Difference
Loans and Capital Projects
Social Services:-
Housing Education
Medical
Economic Services:-
Airport and Harbour
Primary Products
Trade
Development of Industrial Estates
Community Services:—
Amenities and Related Services
:
607,913
615.371
92.643
108.984
0.577
0.466
+ 7.458 +16.341
0.111
-
42.997
42.512
2.674
2.277
0.485 0.397
20.000
20.000
0.571
+ 0.571
1.475
768.279
1.469
791.650
(c) E
U UL. VI - - - -
0.006
(d) F
+23.371
22. Statement 18 shows the issues and repayments during the year and the outstanding amounts on approved projects at the year end.
F
THE TREASURY DEPARTMENT
23. The 'Finance' chapter of ‘Colonial Regulations Part II—Public Business' sets out in some detail the duties and responsibilities of the Accountant General as the officer in charge of the Treasury. It follows that the functions of the Treasury stem, in the main, from these regulations but as might be expected, its organiza- tion, while designed to ensure that the regulations are met, is moulded to the accounting needs peculiar to the Government of Hong Kong. However on 26th February, 1975 approval was given for the establishment of a post of Director of Accounting Services with effect from 1st March, 1975. Under the new organization the Accountant General will retain the appointment as officer in charge of the Treasury, but the Director of Account- ing Services will be responsible for the administration of the department and the general management and supervision of the accounting operations of the Government.
24. The Treasury is organized under four technical branches and a general branch. The latter, controlled by the Secretary of the department, provides the registry, secretariat, stores and other office services needed by the technical branches and for the administration of the department. The principal functions of the technical branches are summarized very briefly below:
(a) Main Accounts Branch
+
The main accounting records of Government and its separate funds, such as the Exchange Fund, Development Loan Fund, Lotteries Fund and the Coinage Security Fund are maintained in this branch. The branch prepares and issues cheques and arranges bank transfers in payment of all sums due by Government in respect of goods, services, salaries, subventions, etc. amounting in 1975/76 to $8,579.2 million. It exercises control over all official banking accounts and imprests held locally and overseas. It is responsible for ensuring that money available locally and overseas is put to the best use to earn interest and for processing and recording the deposit, investment and banking transactions which stem from this function.
(b) Revenue Branch
The Revenue Branch is responsible principally for the cash transactions of the Treasury, the main- tenance of related records and for the preparation of the Government's annual revenue estimates. It prepares and issues demand notes for Crown Rent and, with the Computer Division, is responsible for the calculation and preparation of all demand notes for Rates and Property Tax. The branch accounts for all the demand notes it issues and for demand notes issued by other departments for payment at Treasury collection centres. Except for disbursements which, of necessity, must be made in departments, all payments of public money, including pensions paid locally, are made through this branch. The branch also undertakes two additional functions, namely the service of writs instituting proceedings for the recovery of arrears of Rates and the collection of fixed penalities imposed under the Fixed Penalty (Traffic Contraventions) Ordinance. The sub-treasuries at Yaumatei, Causeway Bay and Kowloon City are a part of the branch.
i
I
I
25. under the
currency coins in t custody c with rega
assist in
26. business
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
22
22