For decision on
24 March 1992
CONFIDENTIAL
HKA 18217
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07 APR 1992
XCC(92)58 Copy No. 32
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MEMORANDUM FOR EXECUTIVE COUNCIL
AN UPDATE ON THE FINANCIAL ASPECTS OF THE AIRPORT CORE PROGRAMME
THE PROBLEM
Following a thorough review of the cost of the Airport Core Programme (ACP), the Government needs to inform the Chinese Side, Members of the Legislative Council and the public of the latest position.
RECOMMENDATION AND ADVICE SOUGHT
2
It is recommended that -
A
(a)
(b)
the Chinese Side be informed of the most recent estimate of the cost of the ACP on the basis of the note at the Annex A; and
if the Chinese side does not object, the Administration should brief the LegCo Ad Hoc group on the ACP on the up-dated cost estimates, stressing the fact that
(i)
The direct cost of the ACP to the Government has not increased.
(ii) The new estimates are based on a much higher level of knowledge than those in July 1991, and we have greater confidence in them.
(iii) The Administration has instituted rigorous
project cost control procedures; but
(iv) Figures are bound to change slightly in future.
(v) The Government has adequate reserves to meet
these costs.
Executive Council
12