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URBOO BUDGETS FOR SURPLUS
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Wednesday, June 20, 1973
The 1973/74 budget for the Urban Council
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the first after its
reconstitution shows an estimated surplus of $40.8 million.
Revenue for the financial year, estimated at some $267 million
includes a $20 million non-recurrent grant from the government.
The expenditure is estimated at slightly more than $226 million.
Tabling the budget in Legislative Council today, the Director of
Urban Services, the Hon. D.R.W. Alexander, pointed out that it was by necessity
drawn up before the Council was reconstituted on April 1 this year.
It was
formally adopted at a meeting on April 10.
P
The greater part of the total expenditure, about 70.7 per cent, or
some $159.9 million, is allocated for personal emoluments and allowances.
About 10.9 per cent, or $24.7 million is to be used for special
expenditure, 0.4 per cent or $0.9 million for capital works, and about 18 per
cent or $40.6 million for other charges.
The largest source of revenue is from rates, accounting for $206.4
million or some 77.3 per cent of the total. The rest, about $40.6 million
or 15.2 per cent, is to be derived from fees, charges and other income.
The $20 million government grant made up about 7.5 per cent of the
total revenue.
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