61.
Net
transfers to funds have increased by $1.3 billion
due partly to the transfer to the Mass Transit Fund of that exceptional loan repayment made by KCR, to which I have already
referred. Furthermore, in the light of the improving overall
situation, it has
it has not been necessary to transfer surplus funds
back to General Revenue Account from the Home Ownership Fund as originally intended.
62.
ΤΟ sum up, the result of the changes I have described
for 1986-87 is to turn the modest estimated surplus of
$0.35 billion on General Revenue Account (18) at the start of
the year into a much stronger expected outturn of just over
$3 billion (19).
63.
As to capital expenditure financed from the funds
outside the General Revenue Account, there has been a downward
trend in recent years. This reflects more the phasing of major
(18) 1986-87 Budget
Revenue
Expenditure (excluding
transfers to funds)
Surplus/ (deficit)
Less net transfers to funds
Recurrent ($mn)
Capital
Total
($mn)
($mn)
38,199
893
39,092
32,363
1,581
33,944
5,836
(688)
5,148
4,800
348
Surplus
(19) 1986-87 Revised Estimates
Recurrent
Capital
Total
($mn)
($mn)
($mn)
Revenue
41,179
1,929
43,108
Expenditure (excluding
32,397
1,534
33,931
transfers to funds)
Surplus
8,782
395
9,177
Less transfers to funds
6,100
Surplus
3,077
L
18
/commitments
}