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06-MAY-1992 16:30
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HK GOVERNMENT HOUSE
+852 521 1868 P.02
нив MITS 100/2
Statement by the Financial Secretary
in Legislative Council : Wednesday 6 May 1992 V
Developments in relation to the 1992 Budget
In my speech on 1 April concluding the debate on the second reading of the Appropriation Bill, I underlined the importance of maintaining healthy fiscal reserves, which we can draw upon if we encounter adverse economic and financial developments. At the same time, I explained that the forecast figure of $71 billion in 1996-97 was adequate for this purpose, and that I had no hidden agenda to build up the reserves even higher.
2.
Updated figures for the 1991-92 surplus are now available as a result of the "first closing" of the Government's accounts. These indicate an additional surplus of more than $6 billion on top of the revised estimate.
3.
Figures for the final closing of the Government's accounts will not be available until the second part of May. These may vary slightly from the first closing figures. But it is clear that we now have an unexpected windfall. I thought it proper both to inform Members of this, although the figures are not final; and since the change is so significant, to review my revenue proposals accordingly.
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