3
$mn
M.T.R.C.) are up by $98 million; and postal revenue is up by $16
million
Capital revenue: yields from land
sales are up by $199 million; and estate duty by $17 million
+735
+225
Recurrent expenditure: only up by
$12 million, despite the 1977 salaries revision which cost us
$260 million (but this was absorbed by unexpected savings in P.E. subheads due to recruitment lags) and net supplementary expenditure of $80 million (net after allowing for the
Additional Commitments vote and
declared offsetting savings). Compare performance (actuals compared with
estimates) in last two years:
1975-76
$mn
-168
66
1976-77
Capital expenditure: only down by $97 million, but this is after a transfer of $100 million to the
D.L.F. for on-lending to the Housing Authority. Nevertheless, this is better than our performance
in the last two years, viz:
1975-76
1976-77
$mn
-415
-556
Add: budgetted surplus
SECRET
- 12
+ 97
+ 1,045
30
+ 1,075
(= 11.6% of revised estimate of
revenue, but only 6.2% of total turnover).