Revenue:
Recurrent
Capital
Expenditure:
Recurrent
Capital
SECRET
2
Surplus on recurrent account
Deficit on capital account
.. Overall surplus
$M
$M
7,900
(1)
1,200
9,100
6,240
1.900
8,140
1,660
700
960
Notes: (1) Excludes $335 million from MTRC
for the Kowloon Bay Depot site and
$528 million from Home Ownership Fund
being premia for Phase 1 sites.
(2) Contra-entries excluded.
3.
The conversion of a budgetted surplus of $30 million
into a likely surplus of $960 million (cf 18th November
guess of $450 million) can be explained as follows:
Recurrent revenue:
reflecting the
buoyancy of our economy in 1976,
when GDP in money terms grew by
27%, yields from earnings and profits
taxes are up by $262 million and,
reflecting the better than expected
performance of the economy in 1977
SECRET
$M
/ (15%