19
WEDNESDAY, MARCH 6, 1991
STATE OF PUBLIC FINANCES IS HEALTHY: FS
IS 1990-91
HEALTHY,
THE
THE STATE OF THE PUBLIC FINANCES IN FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID TODAY (WEDNESDAY).
PRESENTING
HAD GOVERNMENT ACCEPTABLE BOUNDS.
HIS
BIDGET FOR 1991-92,
SIR
KEPT
THE GROWTH
IN
PIERS SAID THE WITHIN EXPENDITURE RECURRENT
P+
ALTHOUGH
CAPITAL EXPENDITURE HAS BEEN
GROWING
FASTER THAN
EXPECTED, WE SHALL ACHIEVE A COMFORTABLE SURPLUS ON RECURRENT ACCOUNT, WHICH WILL ENABLE IS TO FUND A MAJOR PART OF THIS EXPENDITURE.
EXPECTING ARE
"WE
AN OVERALL SURPLUS EVEN AFTER
HE SAID. INVESTMENTS AND SO WILL BE ADDING TO OUR RESERVES,
11
EQUITY
TAXES
ON THE REVENUE SIDE, STR PIERS SAID REVENUE FROM DIRECT WOULD REPRESENT 60 PER CENT OF ALL TAXES COMPARED WITH AN ESTIMATED 62 PER CENT.
OF
"WE SHALL BEGIN THE NEW FINANCIAL YEAR IN GOOD SHAPE," HE SAID.
OVERALL, THE FINANCIAL SECRETARY SAID, AFTER TAKING ACCOUNT
THE URBAN AND REGIONAL BY THE EXPENDITURE
HOUSING AUTHORITY AND
7.6 PER COUNCILS, TOTAL PUBLIC EXPENDITURE WAS EXPECTED TO GROW BY CENT IN 1990-91, WHICH WAS LESS THAN HIS ESTIMATE OF 9.4 PER CENT.
THIS EXPENDITURE REPRESENTED ABOUT 18.3 PER CENT OF GDP.
A DEGREE OF **IN TERMS OF OUR GUIDELINES, WE AIM TO IMPOSE
OTHER
A AMONGST
OBJECTIVES, 80 AS TO ACHIEVE, FISCAL DISCIPLINE
AT LEAST HALF OUR SURPLUS ON RECURRENT ACCOUNT ADEQUATE TO FUND CAPITAL EXPENDITURE," HE SAID.
ESTIMATES
SHOWED THAT 63
CAPITAL
PER CENT OF THE REVISED EXPENDITURE WOULD BE FINANCED FROM THE SURPLUS ON RECURRENT ACCOUNT.
"THUS WE ARF WELL WITHIN THIS PARTICULAR GUIDELINE,
THAT WAS
HE ADDED.
SHOW SIR PIERS SAID
REVISED ESTIMATES THE 1990-91 EXPENDITURE ON GENERAL REVENUE ACCOUNT BEFORE TRANSFERS TO FUNDS EXPECTED TO BE $63.1 BILLION, WHICH WAS ABOUT THREE PER CENT BELOW THE APPROVED ESTIMATE OF $65.3 BILLION.
HE SAID PART OF THIS ANTICIPATED UNDERSPENDING ARISED FROM POSTPONEMENT OF THE ESTABLISHMENT OF THE HOSPITAL AUTHORITY.
THE
COSTS
PROVISION WAS MADE IN THE ESTIMATES TO COVER PART OF THE INVOLVED IN PROVIDING A SECRETARIAT FOR THE AUTHORITY AND FOR PAYMENTS TO GOVERNMENT STAFF CONVERTING TO THE AUTHORITY'S TERMS OF EMPLOYMENT.
AND YEAR,
"SOME OF THIS EXPENDITURE WILL NOW BE INCURRED IN 1991-92, APPROPRIATE PROVISION IS MADE IN THE DRAFT ESTIMATES FOR THAT HE SAID.
"
/FURTHERMORE, SIR
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