11.2.87
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52.
The outcome of our present budgetary strategy is
shown in the Medium Range Forecast (15). The Forecast
indicates an average annual surplus over the remainder of
the forecast period of consolidated revenue over
expenditure of some $1.5 billion per annum (16). I regard
this as no more than a reasonable cushion, which must be
seen in the light of an aggregate of consolidated revenue
and expenditure exceeding $100 billion in each year.
Clearly, relatively small percentage changes in either
revenue or expenditure could have a major impact on the
residual surplus.
(15)
Appendix C.
(16)
Although the year 1989-90 shows a small forecast deficit this is after allowing for a further equity injection into MTRC. On current projections this further equity may not be needed but is retained on the grounds of prudence.
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