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Summary of draft Estimates
68.
Taken together, the draft Estimates of revenue and
expenditure for 1988-89, before revenue measures, show a net
surplus on General Revenue Account of $5.6 billion and an
increase in
in the balances of the funds of $1.7 billion. In
total, therefore, a potential overall surplus for the year of
$7.3 billion is indicated (27).
69.
I have already suggested that there is scope for some reduction in taxation. In formulating my proposals, I have looked beyond 1988-89. I must emphasise that it will take time before the slower economic growth that I have forecast affects
our revenue yields. Furthermore, the full impact on revenue yields of any tax concessions I introduce will not be felt until
1989-90.
(27)
३२
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ESTIMATED SURPLUS/(DEFICIT) 1988-89
(BEFORE REVENUE MEASURES) $M.
BEFORE
TRANSFERS
Killion
AFTER
TRANSFERS
TRANSFERS
General Revenue Account
Capital Works Reserve Fund (5,700)
12,984
(7,410)
5,574
Development Loan Fund
(1,004)
6,200 1,100
500 96
Home Ownership Fund
1,181
1,181
Mass Transit Fund
(95)
Student Loan Fund
(26)
100 10
5
(16)
Total
Funds (
(5,644)
7,410
1,766
TOTAL GENERAL REVENUE ACCOUNT + FUNDS
7,340
7,340
33
/70. With