21
WEDNESDAY, MARCH 6, 1991
REVENUE
"THE BIGGEST SINGLE COMPONENT OF REVENUE TO THE FUNDS FROM LAND SALES IS EXPECTED TO BE 26 PER CENT BELOW THE ESTIMATE.
-
"IN THE MAIN, THIS DOES NOT REFLECT A FALL WHICH HAVE BEEN UP TO EXPECTATIONS," SIR PIERS SAID.
IN LAND PRICES,
DETERMINED
HE ADDED THAT THE RATE OF COLLECTION OF REVENUE WAS BY THE LAND SALES PROGRAMME, WHICH WAS OFTEN ADJUSTED DURING THE YEAR.
AND AND THE
PUBLIC AUCTIONS OF LARGE SITES WERE SOMETIMES RESCHEDULED, THERE WAS, FURTHERMORE, A TIME LAG BETWEEN THE DATE OF SALE CREDITING OF THE GOVERNMENT ACCOUNTS WITH THE PROCEEDS OF SALE.
"THIS YEAR A DELAY IN THE SALE OF THREE MAJOR SITES IS THE MAIN CAUSE OF THE SHORTFALL," SIR PIERS SAID.
HE SAID THERE WOULD BE A SURPLUS ON GENERAL REVENUE ACCOUNT $20 BILLION, AND A DEFICIT ON THE FUNDS OF $19.8 BILLION,
OF
WOULD BE TRANSFERRED SIR PIERS SAID A TOTAL OF $20.5 BILLION TO THE FUNDS COMPARED WITH THE ESTIMATE OF $22.9 BILLION.
EXPECTING
"ON THE BASIS OF THE REVISED ESTIMATES, I AM NOW CONSOLIDATED SURPLUS OF $150 MILLION COMPARED WITH THE ESTIMATE OF SURPLUS OF $720 MILLION," HE NOTED.
A
A
EXPENDITURE AND THAT 7.4
"IN MY 1990-91 BUDGET, I ESTIMATED THAT GOVERNMENT WOULD INCREASE BY 9.5 PER CENT IN REAL TERMS OVER 1989-90 RECURRENT AND CAPITAL EXPENDITURE WOULD GROW BY 10.4 PER CENT AND PER CENT RESPECTIVELY.
"RECURRENT EXPENDITURE IS NOW EXPECTED TO GROW BY 7.1 PER CENT,
H HE SAID. THAT IS, BELOW THE FORECAST,
WHILST
THIS LOWER RATE WAS PARTLY THE
WAS
RESULT
OF DEFERRING OF THE EXPENDITURE TO 1991-92, SIR PIERS SAID IT WAS ALSO A RESULT
OVER RECURRENT THE CONTROL
FIRM
EXPENDITURE.
GOVERNMENT
MAINTAINING
"WE ARE MOVING IN THE RIGHT DIRECTION BUT WE NEED TO
OUR EFFORTS.
CONTINUE
OF EXPENDITURE
"I WHICH WE SAID.
WOULD EMPHASIZE THAT IT IS THE GROWTH RATE AIM TO LOWER AND NOT THE LEVEL OF EXPENDITURE
Tt ITSELF, HE
ON CAPITAL ACCOUNT, SIR PIERS SAID EXPENDITURE WAS EXPECTED GROW BY A HIGHER FIGURE OF 9.5 PER CENT IN REAL TERMS.
TOTAL GOVERNMENT EXPENDITURE WOULD NOW GROW BY 7.7 COMPARED WITH THE ESTIMATE OF 9.5 PER CENT.
/22
TO
PER CENT