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VY
RELAX
Speech by the Honourable the Financial Secretary in Legislative Council: Wednesday 13 January 1988
He said:
Sir,
I move the motion standing in my name in the
Order Paper.
Over the next few years, the Administration will
implement an improved system of internal financial
management to facilitate the ongoing process of determining priorities in recurrent and capital
expenditure within overall financial constraints.
essential feature of this system is the block allocation
of financial resources to individual policy areas so that
relative priorities may be determined within each sector.
3.
An
To facilitate implementation of the system, it
is necessary that a clear distinction be made between
recurrent expenditure and capital expenditure. To date,
certain major Capital Account items have been funded from
the General Revenue Account. From the beginning of the
next financial year, I propose that these items be
transferred to the Capital Works Reserve Fund Account.
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