j
б
le
le
1.
In
Of a more technical nature, the new financing arrangements which have been applied to the Housing Authority with effect from 1 April 1988 have required some preparatory
the adjustments in Government's accounts for 1987-88.
л particular, the value of contributions made in earlier years to
the Home
Home Ownership Fund has been transferred back to General Revenue Account. The remaining balance on the Fund will pass to the Housing Authority as part of its initial capital under the
new arrangements. The amount drawn back into General Revenue Account is just under $1 billion. The result is to inflate the General Revenue Account surplus by that amount and to reduce
fund balances correspondingly.
det K.
Overall, the impact of the various factors I have just
is to increase the estimated Generale Revenue Account
서
Fund balances, however,
mentioned is
surplus for 1987-88 to $10.6 billion. will now remain virtually static everett, rather than grow by the $1.5 billion indicated in my Budget presentation. Overall,
therefore, the result is a consolidated surplus of
$10.6 billion compared
compared with the earlier revised estimate of
$7.6 billion.
IMPLICATIONS FØR 1988-89 AND BEYOND
stet 25.
In terms of their impact on 1988-89 and beyond, some
of the adjustments I have mentioned are one-off and have no implications beyond 1987-88. However, the boost to profits Tax receipts is a further indication that our
our economy survived the pressures of the stock market crash relatively unscathed and is
hopeful sign for further improvement in revenue yield
1988-89.
a
in
le
6
/14.