SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL : WEDNESDAY 7 AUGUST 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 first quarter of the financial year 1985-86.
2.
Supplementary provision of just under
$1,554 million was approved, of which $1,500 million
was for the payment of the first equity injection for
the Mass Transit Railway Corporation in 1985-86. Other major provisions included $13.3 million for subventions to the Hong Kong Tourist Association; $8.3 million for resumption of land within the Castle Peak Firing Range
in the New Territories; $7.9 million for a grant to the
War Memorial Fund and $7.3 million for special legal
expenses on court fees. The amount of $1,500 million is too large to be covered by the provision for
additional commitments of $1,800 million, which is in any case largely committed as a result of the 1985
salaries adjustment. Nevertheless, an increase in the
budgetted deficit arising from this unforeseen payment
is not expected because the amount should be offset by larger than expected land revenue due to the recent improvement in land prices and payments for land purchases
in cash, rather than in Letters "B". Other supplementary provisions approved have been offset either by savings under the same head or other heads of expenditure or by
deletions of funds under the additional commitments votes.
3.
During the quarter, a net increase of 222 posts was approved, including posts for the Housing Authority
and the Urban Council.