14
WEDNESDAY, MARCH 2, 1988
THE CUMULATIVE
TAKING INTO ACCOUNT THE IMPACT OF PAST BUDGETS, REAL INCREASE IN SPENDING ON MEDICAL AND SOCIAL WELFARE SERVICES SINCE 1983-84 WOULD BE 46 PER CENT AND 45 PER CENT ADDED.
RESPECTIVELY, HE
FOR NEXT YEAR, TRANSFERS TO FUNDS
IN THE DRAFT ESTIMATES OF EXPENDITURE EXPENDITURE ON GENERAL REVENUE ACCOUNT INCLUDING WOULD AMOUNT TO $50.0 BILLION, EXPENDITURE ON VARIOUS FUNDS WAS ESTIMATED TO BE $13.0 BILLION.
"TAKING GENERAL REVENUE ACCOUNT AND FUNDS TOGETHER, BUT EXCLUDING TRANSFERS, THESE ESTIMATES REPRESENT AN INCREASE OF ABOUT 13 PER CENT IN CASH TERMS OVER THE REVISED ESTIMATE FOR 1987-88," MR JACOBS SAID.
THE FINANCIAL SECRETARY SAID $3.8 BILLION WAS INCLUDED FOR ADDITIONAL COMMITMENTS TO COVER THE USUAL RANGE OF NEW AND UNFORSEEN ITEMS THAT AROSE EACH YEAR INCLUDING POSSIBLE SALARIES ADJUSTMENTS.
"IN ADDITION, THIS YEAR, THE PROVISION ALLOWS FOR PAYMENTS UNDER A NEW DEFENCE COST AGREEMENT WHEN A NEW AGREEMENT IS, IN FACT, CONCLUDED," MR JACOBS SAID.
WHEN COUPLED WITH THE ESTIMATED EXPENDITURE OF OTHER PUBLIC BODIES SUCH AS THE HOUSING AUTHORITY AND THE URBAN AND REGIONAL COUNCILS, THE ESTIMATED GROWTH RATE ON CONSOLIDATED ACCOUNT WAS 15.7 PER CENT IN CASH TERM AND 7.0 PER CENT IN REAL TERMS, WHICH WAS 1.5 PERCENTACE POINTS ABOVE THE BUDGETARY GUIDELINE, THE FINANCIAL SECRETARY SAID.
HOWEVER, THE KOWLOON WALLED CITY PROJECT ACCOUNTS FOR SOME 1.2 PERCENTAGE POINTS OF THIS REAL GROWTH IN CONSOLIDATED ACCOUNT EXPENDITURE.
"I AM, THEREFORE, SATISFIED THAT AFTER EXCLUDING THIS EXCEPTIONAL AND ONE-OFF PROJECT, THE REMAINING GROWTH IS BROADLY CONSISTENT WITH MY INTENTION OF KEEPING THE UNDERLYING TREND TO AROUND 5.5 PER CENT, MR JACOBS SAID.
IN ARRIVING AT THESE FIGURES, FULL ALLOWANCE HAD BEEN MADE COST OF RUNNING NEW FACILITIES AND FOR RESPONDING TO UNDERLYING GROWTH IN DEMAND FOR NUMEROUS SERVICES, MR JACOBS ADDED.
THE
IN ADDITION, THERE HAD BEEN ROOM WITHIN THE GUILDLINES FINANCE A NUMBER OF MAJOR IMPROVEMENTS OR ENTIRELY NEW SERVICES.
"IN ALL, THE IMPROVEMENTS IN SERVICES PLANNED FOR 1988-89 COST $560 MILLION IN THE BUDGET YEAR AND ABOUT $1.1 BILLION IN A YEAR, MR JACOBS SAID.
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