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Wednesday, February 27, 1974
Speaking on revenue, the Financial-Secretary said the revised
estimate of revenue for this year at $5,276 million represented an increase
of $340 million on actual revenue in 1972-73.
After discounting the element in actual revenue in 1972-73 for
revenue transferred to the Urban Council and the Housing Authority from
April 1, 1973, the increase in revenue for the General Revenue Account is
8.7 per cent.
Mr. Haddon-Cave described the rate of increase as the "lowest"
since 1967/68,
But, he added, it followed a year in which "both recurrent and
capital revenue were exceptionally buoyant as a result of the high level
of turnover on the stock exchanges and the state of the property market."
Turning to expenditure, the Financial Secretary noted that for
the fourth consecutive year, actual expenditure in 1973-74 was likely to
exceed the original estimate and by no less than $424 million or by 9.6
per cent.
Referring to the main items of recurrent account, he said that the
eight per cent salary increase for the public service, the adjustment to
Police pay and the special adjustment of certain public service salaries
accounted for $133 million of the total figure of excesses.
The net cost of additional posts approved and filled during the
year accounts for another $35 million.
Salary increases by subvented organisations cost no less than $140
million, "reflecting the very substantial cost of revising teachers' salaries,"
Mr. Haddon-Cave said.
Increased rates for public assistance and for infirmity and disability
allowances to keep them in line with cost-of-living movements and a larger
than anticipated case load, account for a further $38 million.
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