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14. THE TOTAL REVENUE ESTIMATE OF DOLLARS 8,412 MILLION DOES NOT TAKE ACCOUNT OF REVENUE PROPOSALS (SEE PARA, 21) BUT THE ESTIMATE OF RECURRENT REVENUE HAS REGARD TO THE INTENTION (ALREADY ANNOUNCED) TO REDUCE THE GENERAL RATE CHARGE FROM 12: TO 7 AND A HALF (TO
%
OFF-SET TO SOME EXTENT THE RISE IN RATEABLE VALUES BY AN AVERAGE OF 80% AS A RESULT OF REASSESSMENT).
15. RECURRENT REVENUE AT DOLLARS 7,474 MILLION IS AN INCREASE OF 11.4% (+ DOLLARS 763 MILLION) OVER THE REVISED ESTIMATE FOR
1976-77. THE MAIN INCREASE IS IN THE ANTICIPATED YIELD FROM EARNINGS AND PROFITS TAXES (+ DOLLARS 350 MN).
THE GENERAL RATES YIELD IS EXPECTED TO BE UP BY 24% (+ DOLLARS 149
MILLION) BECAUSE OF THE EXTENSION OF RATING INTO A FURTHER EIGHT NEW AREAS IN THE NEW TERRITORIES, THE BRINGING INTO RATES FOR THE FIRST TIME OF NEW DEVELOPMENTS IN THE URBAN AREAS AND, ABOVE ALL, THE 1976 REVALUATION OF PROPERTIES (NOTWITHSTANDING) THE REDUCTION IN THE RATE CHARGE).
16. CAPITAL REVENUE AT DOLLARS 938 MILLION IS 36% UP (+ DOLLARS 249 MILLION) ON THE REVISED ESTIMATE FOR 1976-77 ON ACCOUNT OF LAND SALES AND THE SALE OF TAXI LICENCES (INCLUDING ISSUES OF TAXI LICENCES TO PUBLIC HIRE CAR OWNERS).
17. ESTIMATED RECURRENT EXPENDITURE
AT DOLLARS 6,236 MILLION IS 15% UP ON THE REVISED ESTIMATE FOR 1976-77 ( + COLLARS 835 MILLION). IT COMPRISES SOME DOLLARS 6,043 MILLION FOR MAINTAINING PRESENT SERVICES, EXPANDING THESE TO MEET INCREASED DEMAND AT EXISTING STANDARDS, AND EXTENDING AND IMPROVING THEM WITHIN APPROVED POLICIES IN ACCORDANCE WITH TIMINGS IN THE
PLANNING PAPER. THE BALANCE OF ABOUT DOLLARS 196 MILLION IS FOR
NEW SERVICES GIVEN PRIORITY BY THE CHIEF SECRETARY'S COMMITTEE (MAJOR ITEMS ARE PUBLIC ASSISTANCE FOR UNEMPLOYED, PRISON INDUSTRIES, SILICOSIS COMPENSATION SCHEME, EXPANSION OF COUNTRYSIDE PARKS, EDUCATION FOR PROBLEM CHILDREN AND COMMUNITY NURSING.
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/18. ESTIMATED