14-OCT-1992 11:48
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FB GS
+ 852 868 5279
P.26
Paper 6 (P.2 of 13)
Moreover,
when
unexpected
known, there
surpluses become
immediate pressure for making
use of these surplus! funds.
and
up
The choice then 15 between arousing suspicion opposition in the legislature for building "unnecessary" levels of reserves and giving way to the pressure, irrespective of the implications for future years and of the prudent budgetary guidelines which have served us so well in the pasti
3. Extent
underspending - on PWR and land
of
acquisition
Table A shows that actual expenditure in respect of PWP and land acquisition differed from the original estimates By 25% in 1990-91 and 37% in
1991-92 and from the revised estimates by 18% in
1990-91 and 16% in 1991-92.
actual expenditure
The latest 1992-93 outturn
turn forecast shows a
reduction of $3.4 billion from $19.7 billion to
$16.3 billion för
for PWP expenditure and $1.2
billion from $5.2 Billion to $410 billion for
land acquisition. Even these outturn forecasts
could be unrealistic
incurred for the year to end of August 1992
represented only * 218 of the original estimate
for the PWP and 11% for land acquisition and
based on the actual spending pattern over the last 5 years as shown in Table B, it is doubtful whether the substantially higher level of
expenditure still being forecast can actually be
achieved.