PART V: THE BUDGET FOR 1977-78
12. IN CONSTRUCTING THE BUDGET FOR 1977-78 THE FINANCIAL SECRETARY
HAD IN MIND FOUR OBJECTIVES:
(A) TO PROVIDE FOR A REAL GROWTH RATE OF THE ORDER OF 15%, TO MAKE UP FOR THE FACT THAT REAL GROWTH IN 1976-77 WAS ONLY 8% AND IN 1975-76 ONLY 1% AS COMPARED WITH A 12% GROWTH RATE BASED ON HISTORICAL EXPERIENCE:
(B) TO MAINAAIN OUR FISCAL RESERVES BUT NOT TO AUGMENT THEM BY DELIBERATELY BUDGETTING FOR A SURPLUS, AS THE RESERVES AT 1ST APRIL 1977 SHOULD BE ADEQUATE TO SECURE OUR CONTINGENT LIABILITIES, FINANCE SEASONAL DEFICITS AND COVER SHORT TERM DIFFICULTIES:
(C) IF POSSIBLE, TO PROPOSE CERTAIN TAX CONCESSIONS AND REFORMS JUSTIFIED IN THEIR OWN RIGHT ON ADMINISTRATIVE OR SOCIAL GROUNDS:
(D) ON MONETARY GROUNDS, TO BUDGET FOR A BALANCE OR NEAR BALANCE.
13. DRAFT ESTIMATES OF EXPENDITURE:
RECURRENT
DOLLARS 6,236 MILLION (PLUS 15.5% ON 1976-77 REVISED
ESTIMATES)
:
CAPITAL
DOLLARS 2,009 MILLION (PLUS 39.3% ON 1976-77 REVISED
ESTIMATES)
TOTAL
: DOLLARS 8,245 MILLION (PLUS 20.5% ON 1976-77 REVISED
ESTIMATES)
THE INCREASE IN TOTAL EXPENDITURE IN REAL OR CONSTANT PRICE TERMS
IS ESTIMATED TO BE 15% ON REVISED ESTIMATE OF TOTAL EXPENDITURE
IN 1976-77.
Li
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