SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL : WEDNESDAY 6 FEBRUARY 1985
Sir,
In accordance with Section 8(8)(b) of the Public Finance Ordinance, I now table for Members' information a summary of changes made to the approved estimates of expenditure in the third quarter of 1984-85.
Other
Supplementary provision of $441.3 million was approved, of which $338.1 million was for a payment to the Mass Transit Fund: $248.1 million to enable the Mass Transit Railway Corporation to pay the premium for the Pak Chai Wan depot and the development rights above plus $90 million to meets its liability for rates for operational and works areas in 1985-86 and 1986-87 both by way of equity issue to the Government. major provisions include $28.5 million for a grant to the Arts Centre to enable it to repay a bank syndicated loan and a loan from the Government with accumulated interest; $16 million for the building cost of two new technical institutes in 1984-85; $8.4 million to meet increased expenditure on refunds of rents and rates to kindergartens; $6.6 million to meet increased expenditure for engaging lawyers and expert witnesses in connection. with contractual disputes and criminal cases; $5.2 million to meet additional expenditure on maintenance and repairs of government buildings; and $4.8 million for the purchase of equipment and associated expenses for the Standards & Calibration Laboratory. The transfer to the Mass Transit Fund for payment of land premium is to be offset by land revenue of the same amount and the grant to the Hong Kong Arts Centre is to be offset by a matching transfer to General Revenue from the Special Coin Suspense Account. Other supplementary provisions approved have been offset either by savings under the same or other heads of expenditure or by deletion of funds under the additional commitments votes.
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