11.2.87
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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 commitments than any deliberate policy.
Thus, there has been less of a drawdown of the funds
through which Government finances capital expenditure and
loans than might have been expected. Although the 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.
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