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Y.E.
Hong Kong Budget, 1978-79: Fina
Introduction
17EER 1978
DEAK OFTH
INDEX
NO
Ronefully).
All the financial and economic statistics I
See: 13
the situation this year is
need to finalise next year's budget are still not available, but the main aggregates are now firming up. There have been some significant shifts in the financial
statistics for 1977-78 to 1978-79 since I wrote my
preview of 27th January particularly fluid - and these have influenced my judgement as to the strategy we should adopt for 1978-79. So, with apologies, this minute should be substituted for my minute of 27th January.
1977-78 Outturn
2. The Approved Estimates for this year envisage a surplus of $30 million only:
Revenue:
Recurrent
Capital
Expenditure:
Recurrent
Capital
Surplus on recurrent account Deficit on capital account
.. Overall surplus
$mn
$mn
7,339
936
8,275
6,236
2,009
8,245
+1,103
-1,073
+ 30
3. On the basis of the revised estimates of revenue
and expenditure for this year (which I believe will prove to be more accurate than in previous years for various
technical reasons), we shall do distinctly better than
this (and better than my 18th November guess, and better
/than......
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