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Wednesday, June 7, 1972
24
rates of charging, the revenue collected in each of them is far from
sufficient to cover costs. In each case annual costs have been calculated
on the basis approved by the Governor in Council in 1966.
"First, annual capital charges to cover land and buildings
have been worked out: for land, on the basis of a 13 year lease renewable
for a further 12 years and, for buildings, on the basis of historical costs
amortised over 25 years.
"Secondly, from these charges are deducted rents from other
users of the structures, such as the telephone exchange in Garden Road.
to this adjusted figure for capital charges is added
annual recurrent charges such as staff costs, maintenance, stores and
"Finally,
electricity.
"Total costs on this basis for all six car parks in the year
ending 31st March 1972 came to about $9,150,000, while revenue for the
usage of these car parks totalled about $6,450,000.
"There was thus an overall deficit of about $2,700,000 in that
year. Breaking down these figures into costs and revenue per parking
space per month in each of the six car parks produces the following
monthly losses per space:
Star Ferry, Garden Road
& Rumsey St. each
City Hall
Middle Road
Yau Ma Ti
$ 54 ) $124
$ 58 )
Average for Hong
Kong Island $60.00
› Average for Kowloon
# 85 ) $66.50
"The overall monthly loss per space works out at $62.50.
"This means