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WEDNESDAY, FEBRUARY 28, 1979
PUBLIC WORKS RECURRENT EXPENDITURE AT $503 MILLION ACCOUNTS FOR SIX PER CENT OF RECURRENT EXPENDITURE, A LITTLE BELOW THE AVERAGE OF THE PAST FOUR YEARS.
RECURRENT SUBVENTIONS AT $2,153 MILLION WILL ABSORB JUST UNDER 26 PER CENT OF RECURRENT EXPENDITURE, COMPARED WITH AN AVERAGE OF 26.2 PER CENT FOR THE PAST FOUR YEARS.
THE FINANCIAL SECRETARY SAID THE PROVISION FOR CAPITAL EXPENDITURE IS $4,094 MILLION MADE UP OF $1,299 MILLION FOR THE PUBLIC WORKS PROGRAMME, OTHER THAN NEW TOWNS AND HOUSING- $2,300 MILLION FOR THE PUBLIC WORKS PROGRAMME (NEW TOWNS AND HOUSING), AND $495 MILLION FOR ALL OTHER COMPONENTS.
+ I SHOULD POINT OUT THAT THE GUIDELINE FIGURE FOR THE NEW TOWNS AND HOUSING COMPONENT OF $1,300 MILLION HAD TO BE REVISED UPWARDS BY $400 MILLION TO $1,700 MILLION, MAINLY TO MEET THE HIGHER COSTS OF LAND RESUMPTIONS IN THE NEW TERRITORIES,+ MR. HADDON-CAVE NOTED.
THE FIGURE OF $1,700 MILLION HAD TO BE REVISED FURTHER UPWARDS BY $600 MILLION FOR DRAWINGS ON THE DEVELOPMENT LOAD FUND BY THE HOUSING AUTHORITY IN 1979-80 WILL BE AS HIGH AS $1,005 MILLION OF WHICH $932 MILLION WILL BE REQUIRED FOR THE RENTED PUBLIC HOUSING PROGRAMME ALONE.
+SO, TOTAL ESTIMATED EXPENDITURE ON THE NEW TOWNS AND HOUSING COMPONENT IS $2,300 MILLION WHICH IS $605 MILLION, OR 36 PER CENT, MORE THAN THE REVISED ESTIMATE FOR 1978-79 AND $1,150 MILLION, OR 100 PER CENT, MORE THAN THE APPROVED ESTIMATE FOR 1978-79.
+THIS VERY SUBSTANTIAL INCREASE HAS MEANT THAT EXPENDITURE ON THE PUBLIC WORKS PROGRAMME, OTHER THAN NEW TOWNS AND HOUSING, HAS HAD TO BE CONSTRAINED BY A REPHASING OF THE START DATES OF CONTRACTS FOR SOME NEW PROJECTS, MR. HADDON-CAVE ADDED.
HOWEVER, THE FINANCIAL SECRETARY SAID WE SHOULD BE CONTINUING TO IMPLEMENT SATISFACTORILY GOVERNMENT POLICIES AND PROGRAMMES ON THE BASIS OF AGREED PRIORITIES.
HE ALSO ASSURED MEMBERS OF THE LEGISLATIVE COUNCIL THAT THE BUDGET IS NOT LIKELY TO BE DETRIMENTAL TO THE STABILITY OF THE ECONOMY OR INCONSISTENT WITH THE MAIN EMPHASIS OF BUDGETARY POLICY GENERALLY.
HE DREW ATTENTION TO THE INCLUSION FOR THE FIRST TIME OF TITLE OF THE OFFICER IN WHOM THE COUNCIL WILL INVEST RESPONSIBILITY FOR THE CONTROL OF THE FUNDS VOTED.
HE SAID: +TAKEN TOGETHER WITH THE ESTABLISHMENT LAST YEAR OF THE PUBLIC ACCOUNTS COMMITTEE AND A BILL WHICH I HOPE TO BE INTRODUCING LATER THIS SESSION TO PROVIDE FOR A SYSTEM OF STATUTORY CONTROL OVER PUBLIC EXPENDITURE, THE CONTROLLING OFFICER CONCEPT REPRESENTS A FURTHER STEP IN THE REORGANISATION OF OUR SYSTEM OF FINANCIAL ADMINISTRATION. +
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