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FINANCIAL STRUCTURE
programme of non-recurrent public works, which are mainly for more schools, medical facilities, housing, water supplies, roads and land development schemes. Again for 1965-6 the basis on which the deficit was estimated may prove to be pessimistic, but counter-balancing this are certain abnormal items of expenditure which were not anticipated (in particular more than $30 million which was advanced to the Official Receiver to assist in the liquida- tion of the banks which went into receivership after the banking crisis early in the year). It follows that the possibility exists that money will have to be raised in succeeding years by loans and additional taxation if essential capital development is not to be curbed.
Revenue and expenditure for the last two years, with the estimates for this financial year, are detailed and compared in Appendices VI and VII. In 1964-5 the revenue of $1,518 million was $136 million more than the original estimate. The head showing the largest excess was internal revenue with $68 million (including $41 million on earnings and profits tax and $13 million on stamp duties). All the other recurrent heads recorded excesses but these were partly offset by a shortfall in land sales of $21 million. Expendi- ture for the year was $1,440 million against the estimate of $1,496 million, showing a saving of $56 million. The largest saving was $72 million under public works non-recurrent and the largest excess $12 million under education subventions. The estimates for this financial year anticipate significant increases over the 1964–5 results in revenue under water revenue (due mainly to an increase in the basic charge to equate charges more nearly to costs) and also under land sales. Present indications are, however, that revenue from land sales will not reach the 1964-5 total.
At 31st March 1965 net available public assets were $961 million, of which $138 million was earmarked in a Revenue Equalization Fund as a reserve against future deficits on current account. There was, in addition, a Development Loan Fund of $519 million, used to finance social and economic development projects of a self- liquidating nature (see Appendix XIII). The greater part has been used for low-cost housing schemes. At 31st March 1965 outstanding commitments from funds allocated exceeded liquid assets of $51 million by $178 million. According to normal government practice the statement of assets and liabilities excludes the public debt of