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11
Capital Works Reserve Fund
20.
The Capital Works Programme is financed
This Fund,
from the Capital Works Reserve Fund.
which was established by resolution of the
Legislative Council, is administered by the Financial
Secretary in accordance with such general terms and
+
conditions as are approved by the Finance Committee
of the Legislative Council. The Fund is sourced from
such appropriations from the general revenue of the
Hong Kong Government as may be approved by the
Legislative Council. Such appropriations consist
partly of capital revenue and partly of the surplus
on recurrent account.
21.
The bulk of the Hong Kong Government's
capital revenue consists of revenue from land
transactions, which include sales by public auction
and tender; private treaty grants;
*
modification
of existing leases, exchanges and extensions; and
regrants of expired 75 year or shorter leases. Im
practice, the entire revenue from land transactions
has been appropriated to the Capital Works Reserve
Fund. Recent figures are given below (in HK$ million):
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