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WEDNESDAY, MARCH 6, 1991
FURTHERMORE, SIR PIERS POINTED THAT THE GOVERNMENT HAD CONTINUED TO EXPERIENCE A HIGH LEVEL OF VACANCIES IN THE CIVIL SERVICE ESTABLISHMENT AND THIS HAD HAD AN IMPACT ON STAFF-RELATED EXPENDITURE.
AT PRESENT, HE SAID, ABOUT FIVE PER CENT OF THE POSTS IN ESTABLISHMENT REMAINED VACANT.
THE
THE COST OF THE 1990 GENERAL PAY AWARD AND OF OTHER PAY ADJUSTMENTS IMPLEMENTED IN 1990-91 HAD THEREFORE BEEN MET IN PART FROM SAVINGS IN PAYROLL EXPENSES ARISING FROM VACANT POSTS AS WELL AS FROM THE PROVISION IN THE ESTIMATES FOR ADDITIONAL COMMITMENTS.
THE NEED FOR ADDITIONAL FUNDS TO MEET THESE LIABILITIES THUS BEEN OBVIATED, SIR PIERS SAID.
HAS
EXPENDITURE FROM THE FUNDS AT $26.6 BILLION WOULD EXCEED THE ESTIMATES OF $25.7 BILLION BY FOUR PER CENT. THERE HAD BEEN AN INCREASED LEVEL OF HOME PURCHASE LOANS TO CIVIL SERVANTS FROM THE LOAN FUND.
"AS AGAINST THIS, SOME UNDERSPENDING FROM THE CAPITAL WORKS RESERVE FUND IS EXPECTED AS A RESULT OF SLIPPAGE IN THE PUBLIC WORKS PROGRAMME.
"MOST IMPORTANTLY, HOWEVER, THE PAYMENT FROM THE CAPITAL INVESTMENT FUND IN RESPECT OF CAPITAL FOR THE HOUSING AUTHORITY WILL EXCEED THE ESTIMATE BY $1.7 BILLION," SIR PIERS SAID.
HE STRESSED THAT THIS WAS NOT AN EXTRA PAYMENT BUT THE EARLIER PAYMENT OF PART OF THE $10 BILLION THE GOVERNMENT HAD UNDERTAKEN ΤΟ PROVIDE TO THE AUTHORITY THE OUTSTANDING BALANCE OF $2 BILLION WAS PROVIDED FOR IN THE 1991-92 ESTIMATES.
TOTAL EXPENDITURE FROM GENERAL REVENUE ACCOUNT AND TOGETHER WOULD BE $89.7 BILLION, ABOUT ONE PER CENT ESTIMATES OF $90.9 BILLION, HE SAID.
THE FUNDS BELOW THE
SIR PIERS ALSO SAID REVENUE TO THE GENERAL REVENUE ACCOUNT WAS EXPECTED TO BE $83.1 BILLION IN 1990-91, MARGINALLY BELOW THE ESTIMATE OF $84.5 BILLION.
RECEIPTS FROM PROFITS TAX WERE EXPECTED TO BE BELOW ESTIMATE.
HE EXPLAINED THAT THIS WAS DUE IN PART ΤΟ SLOWER GROWTH AND ITS EFFECT ON CORPORATE PROFITS.
ECONOMIC
HOWEVER, RECEIPTS FROM SALARIES TAX, STAMP DUTY AND BETS AND SWEEPS TAX WERE EXPECTED TO EXCEED THE ESTIMATE. RECEIPTS FROM OTHER SOURCES WITHIN THE GENERAL REVENUE ACCOUNT WERE EXPECTED TO BE CLOSE TO THE ESTIMATE, HE NOTED.
THE FINANCIAL SECRETARY SAID TOTAL REVENUE TO THE FUNDS WAS EXPECTED ΤΟ BE $6.8 BILLION, WHICH WAS FIVE PER CENT ESTIMATE OF $7.2 BILLION.
BELOW THE
/"THE BIGGEST
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