DRAFT ESTIMATES 1988-89
52.
Against this background, I now present the draft estimates of expenditure, the revenue estimates and my revenue proposals for 1988-89.
Draft Estimates of expenditure
53.
Dealing first with expenditure, the Medium Range Forecast, on which my budget for 1987-88 was based, indicated that expenditure growth was expected to peak in 1988-89 due to the timing of payments in respect of the Kowloon Walled City clearance, As Members will see from the updated Medium Range
Forecast, this is still the case. The draft Estimates I submit
today show expenditure on General Revenue Account of
$50.0 billion including transfers to funds. Expenditure on our various funds is estimated to be $13.0 billion. Taking General Revenue Account and funds together, but excluding transfers, these estimates represent an increase of about 13% in cash terms
over the revised estimate for 1987-88 (22). This figure of
(22)
DRAFT EXPENDITURE ESTIMATES 1988-89 $M
REVISED ESTIMATES
1987-88 $M
General Revenue Account
Less transfers to Funds
49,976 7,410
44,474 6,600
42,566
37,874
Capital Works Reserve Fund
10,180
7,700
Development Loan Fund
1,790
1,638
Home Ownership Fund
800
751
Mass Transit Fund
95
1,109
Student Loan Fund
109
93
12,974
11,291
Total
-
Funds
TOTAL GENERAL REVENUE
ACCOUNT + FUNDS
55,540
49,165
(excluding transfers to Funds)
/$50.0 billion
...