4
-
FRIDAY, NOVEMBER 18, 1977
FINANCE BRANCH ENSURES TAXPAYERS GET VALUE FOR MONEY
******
THE WORK OF THE GOVERNMENT'S FINANCE BRANCH INCLUDES ENSURING THAT TAX-PAYERS GET VALUE FOR THEIR MONEY.
PRINCIPAL ASSISTANT FINANCIAL SECRETARY. MR. K.Y. YEUNG, SAID THIS TODAY (FRIDAY) DURING A LUNCHTIME TALK TO MEMBERS OF KOWLOON NORTH ROTARY CLUB,
MR. YEUNG SAID THAT VALUE FOR TAXPAYERS' MONEY WAS ENSURED BY THE REGULAR EXAMINATION OF REQUESTS FOR FUNDS, POSTS, ORGANISATION AND METHODS STUDIES, COST/BENEFIT ANALYSES AND THE USE OF COMPUTER WHERE COST BENEFITS SO JUSTIFY.
OTHER WORK OF THE FINANCE BRANCH, HE SAID, WAS RAISING REVENUE- ASSESSING SHORT AND LONG TERM REVENUE YIELDS AND SHORT TERM AND LONG TERM EXPENDITURE- EXAMINING THE FINANCIAL ASPECTS OF PROPOSED POLICIES AND PROGRAMMES- AND ALLOCATING FUNDS BETWEEN VARIOUS ACTIVITIES AND ENSURING THAT THESE FUNDS WERE VOTED IN SUCH A WAY THAT EXPENDITURE COULD BE BROUGHT PROPERLY TO ACCOUNT.
MR. YEUNG CONTINUED: +IF IT IS POSSIBLE TO GENERALISE WITHOUT BEING MISLEADING, PROBABLY THE TWO MOST IMPORTANT AIMS OF THE FINANCE BRANCH ARE, FIRST, TO ENSURE THAT THE PRESENT FISCAL SYSTEM CAN RAISE ADEQUATE FUNDS TO FINANCE THE GOVERNMENT'S COMMITMENTS AND, SECOND, TO ENSURE THAT GOVERNMENT DEPARTMENTS HAVE AN ADEQUATE PROVISION OF FUNDS NECESSARY FOR THEM TO CARRY OUT THE IR APPROVED FUNCTIONS IN SUCH A WAY AS TO PROVIDE VALUE FOR MONEY.
+AND HERE WE TREAD ON DELICATE GROUND, FOR WE MUST MEET THESE AIMS IN SUCH A WAY AS TO PRESERVE, ON THE ONE HAND, THE CONFIDENCE OF THE LEGISLATURE YET THIS MUST BE ACHIEVED WITHOUT THE BRANCH GETTING INTO A POSITION WHERE IT IS TELLING THE HEADS OF DEPARTMENTS HOW TO RUN THEIR AFFAIRS.+
MR. YEUNG ALSO GAVE AN OUTLINE OF THE FIVE YEAR FORECAST OF REVENUE AND EXPENDITURE, AN EXERCISE LEADING TO THE CONSTRUCTION OF THE ANNUAL ESTIMATES.
HE SAID HEADS OF DEPARTMENTS WERE ASKED TO PROVIDE A FORECAST OF REVENUE AND EXPENDITURE OVER THE CURRENT FINANCIAL YEAR, THE NEXT FINANCIAL YEAR AND THE FOLLOWING THREE FINANCIAL YEARS.
+THE PURPOSE OF THE REVENUE FORECAST IS TO DETERMINE HOW MUCH REVENUE THE GOVERNMENT CAN EXPECT TO RECEIVE AT EXISTING RATES OF TAXATION AND AT CURRENT LEVELS OF FEES AND CHARGES, MR. YEUNG SAID.
+ THE PURPOSE OF THE EXPENDITURE FORECAST IS TO DETERMINE WHAT HEADS OF DEPARTMENTS WISH TO DO AND THE LEVEL OF EXPENDITURE THEY THINK THEY COULD ACHIEVE OVER THE FIVE YEARS, CALCULATED AT CURRENT PRICES.
/+TAKEN TOGETHER,