narrowly based with low rates of charge, it cannot afford
costly overheads. The system, therefore, is kept simple
and easy to administer.
18: The average annual growth rate of public expenditure
in real terms over the 10 years ending 1981-82 was 13%.
Except for a brief pause in 1974 all expenditure could be
charged off to revenue and by 1 April 1981 the Government's
fiscal reserves were HK $23 billion (which form part of the
Government's total monetary assets held in the Exchange
Fund).
19. For the year 1982-83, estimated total expenditure is
HK $40.7 billion (HK $23.6 billion on recurrent account and
HK $17.1 on capital account) distributed as follows:-
Services
Social (housing, education
etc)
etc)
Community (transport, water
General (administration, law
and order etc)
%
10
39
27
Economic
Other
17
6
11
100
20. This expenditure will be financed as to 28% from direct
taxes, 16% from indirect taxes, 23% from fees and charges
and 33% from land sales. A surplus of about HK $2.7 billion
is expected.
- 5
1
/Social Services