!
commitments than
than any deliberate policy. Thus, there has been
drawdown a
of the funds through which Government
less of
finances
capital expenditure and loans than might have been expected. Although the latest
latest forecast for the current year
indicates some under-spending, there are signs that the decline is bottoming out. In total, capital expenditure from the funds
was below budget by some $0.4 billion or 4%.
64.
A significant new factor is the increasing ability of the Housing Authority to finance a higher proportion of its capital spending from its own resources. The effect has been to reduce the Housing Authority's need to draw on the Development Loan Fund in 1986-87. This trend towards lower requirements from the Development Loan Fund is on present indications likely
to continue.
65.
In respect of revenue accruing directly to the funds, the Home Ownership Fund's revenue was boosted by a major sale of flats delayed from 1985-86.
66.
Account
to
After making the transfers to them from General Revenue to which I have already referred, we have continued
increase in the balances of the funds.
available shows a net increase of $1.9 billion (20).
see an
The total amount
(20) 1986-87 Revised Estimates
Net
Expenditure Revenue Expenditure
($mn)
($mn)
($mn)
Capital Works Reserve Fund
6,500
2,239
4,261
(excluding Suspense Account)
Development Loan Fund
1,557
638
Home Ownership Fund
811
1,878
919 (1,067)
Student Loan Fund
95
68
27
Mass Transit Fund
56
56
9,019
4,823
4,196
Transfer from General
Revenue Account
Net increase in balances
19
6,100
1,904
/67. Taking