WEDNESDAY, JULY 16, 1986
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FINAL ACCOUNTS SHOW ADDITIONAL $265.7M SURPLUS
*****
THE FINAL BUDGET SURPLUS FOR FISCAL 1985-86 AT $1 442.7 MILLION, WAS $265.7 MILLION ABOVE THE ESTIMATED $1 177 MILLION MENTIONED IN SIR JOHN BREMRIDGE'S CONCLUDING SPEECH IN THE BUDGET DEBATE LAST APRIL, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SAID TODAY (WEDNESDAY).
ACCOUNTS FINALISED BY THE DIRECTOR OF ACCOUNTING SERVICES FOR THE FINANCIAL YEAR 1985-86 SHOWED THAT THE ACTUAL REVENUE AMOUNTED TO $41 240,9 MILLION AND TOTAL EXPENDITURE TO $39 798.2 MILLION.
+
+AS MEMBERS WILL RECOLLECT. THE DEFICIT ORIGINALLY ENVISAGED IN THE 1985 BUDGET WAS $960.3 MILLION, MR JACOBS SAID.
HOWEVER, THE EXPENDITURE CHARGED TO 54 HEADS WAS IN EXCESS OF THE SUM APPROPRIATED FOR THOSE HEADS BY THE APPROPRIATION ORDINANCE 1985, HE SAID.
THIS WAS BECAUSE SUFFICIENT OFFSETTING SAVINGS COULD NOT BE FOUND WITHIN THE HEADS CONCERNED.
+IN ACCORDANCE WITH SECTION 9 OF THE PUBLIC FINANCE ORDINANCE, THIS EXCESS HAS BEEN INCLUDED IN THE SUPPLEMENTARY APPROPRIATION (1985-86) BILL 1986 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 54 HEADS OF EXPENDITURE WAS $3 098.6 MILLION.
THIS EXCESS WAS LARGELY ACCOUNTED FOR BY THE 1985 SALARIES REVISION FOR THE CIVIL SERVICE ($939.7 MILLION) AND GOVERNMENT SUBVENTED ORGANISATIONS ($450,4 MILLION) AND FOR THE PAYMENT OF PERSONNEL RELATED ALLOWANCES ($160,1 MILLION).
ANOTHER MAJOR CONTRIBUTING FACTOR WAS THE PAYMENT TO THE MASS TRANSIT FUND TO ENABLE THE FIRST EQUITY INJECTION TO BE MADE DURING THE 1985-86 FINANCIAL YEAR ($1 500 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,* MR JACOBS SAID.
DEBATE ON THE BILL WAS ADJOURNED.
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