WEDNESDAY, JULY 24, 1985
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BUDGET DEFICIT $131M BELOW ESTIMATE
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THE FINAL BUDGET DEFICIT FOR FISCAL 1984-85, AT 3559 MILLION, MAS $131 MILLION BELOW THE ESTIMATED $690 MILLION MENTIONED IN SIR JOHN BREMRIDGE'S CONCLUDING SPEECH IN THE BUDGET DEBATE LAST APRIL, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SAID TODAY.
ACCOUNTS FINALISED BY THE DIRECTOR OF ACCOUNTING SERVICES FOR THE FINANCIAL YEAR SHOWED THAT ACTUAL REVENUE AMOUNTED TO $36 343 MILLION AND TOTAL EXPENDITURE TO $36 902 MILLION.
+AS MEMBERS WILL RECOLLECT, THE DEFICIT ORIGINALLY ENVISAGED IN THE 1984 BUDGET WAS $2.1 BILLION, MR JACOBS SAID.
WHILE THE ACTUAL EXPENDITURE ON GENERAL REVENUE ACCOUNT FOR THE WHOLE OF THE FINANCIAL YEAR WAS $431 MILLION LESS THAN THE TOTAL APPROVED ESTIMATE OF $37 333 MILLION IN THE APPROPRIATION ORDINANCE 1984, THE EXPENDITURE CHARGED TO 51 HEADS WAS IN EXCESS OF THE SUM APPROPRIATED FOR THOSE HEADS BY THE ORDINANCE, HE SAID.
THIS WAS BECAUSE SUFFICIENT OFFSETTING SAVINGS COULD NOT
BE FOUND WITHIN THE HEADS CONCERNED.
+IN ACCORDANCE WITH SECTION OF THE PUBLIC FINANCE ORDINANCE, THIS EXCESS HAS BEEN INCLUDED IN THE SUPPLEMENTARY APPROPRIATION (1984-85) BILL NOW BEFORE MEMBERS.
+THE BILL SEEKS TO GIVE FINAL LEGISLATIVE AUTHORITY FOR THE AMOUNT OF SUPPLEMENTARY PROVISION APPROVED IN RESPECT OF PARTICULAR HEADS OF EXPENDITURE BY THE FINANCE COMMITTEE OR UNDER POWERS DELEGATED BY IT, HE SAID.
THE TOTAL NET SUPPLEMENTARY APPROPRIATION REQUIRED IN RESPECT OF THE 51 HEADS OF EXPENDITURE WAS $1 789 MILLION. THIS EXCESS WAS LARGELY ACCOUNTED FOR BY THE 1984 SALARIES REVISION FOR THE CIVIL SERVICE ($758 MILLION) AND GOVERNMENT SUBVENTED ORGANISATIONS ($410 MILLION) AND FOR THE PAYMENT OF PENSIONS, RETIRING ALLOWANCE. AND GRATUITIES TO CONTRACT OFFICERS ($81 MILLIÓN).
OTHER MAJOR CONTRIBUTING FACTORS INCLUDED THE TRANSFER OF PROCEEDS FROM THE ISSUE OF GOVERNMENT BONDS TO THE CAPITAL WORKS RESERVE FUND ($1 004 MILLION), AND THE PAYMENT TO THE MASS TRANSIT FUND TO ENABLE THE MASS TRANSIT RAILWAY CORPORATION TU PAY THE PREMIUM FOR THE PAK CHAI WAN DEPOT AND THE DEVELOPMENT ABOVE IT ($248 MILLION), HE SAID.
+SAVINGS MADE IN OTHER SUBHEADS ARE DUE TO CONTINUED TIGHT CONTROL OVER PUBLIC EXPENDITURE, AND I WOULD LIKE TO THANK THE CONTROLLING OFFICERS AND OTHERS WHO HAVE CONTRIBUTED TO RESTRAINT HE SAID.
DEBATE ON THE BILL WAS ADJOURNED.