5
21. 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, the productivity of the fiscal system was such that all expenditure could be charged off to revenue and by 1st April 1981 the Government's fiscal reserves were HK $23 bn (which form part of the Government's total monetary assets held in the Exchange Fund)/ 22. For the year 1982-83, estimated total expenditure is HK $40.7 bn (HK $23.6 bn on recurrent account and HK $17.1 on capital account) distributed as follows:
Services
To
Social (housing, education etc) Community (transport, water, etc) General (administration, law &
order etc)
39
27
17
Economic
6
Other
11
1
100
23. 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 bn is expected.