FRIDAY, JULY 26, 1991
2
FINAL ACCOUNTS FOR 1990-91 PUBLISHED
*
THE GOVERNMENT'S FINAL ACCOUNTS FOR THE FINANCIAL YEAR 1990-91, WHICH ENDED ON MARCH 31, 1991 WAS PUBLISHED IN THE GAZETTE TODAY (FRIDAY).
A SPOKESMAN FOR THE FINANCE BRANCH SAID THE TOTAL REVENUE FOR THE YEAR WAS $89.5 BILLION, VERY CLOSE то THE REVISED ESTIMATE OF $89.9 BILLION GIVEN BY THE FINANCIAL SECRETARY IN HIS 1991 BUDGET SPEECH.
TOTAL EXPENDITURE FOR THE YEAR FROM THE GENERAL REVENUE ACCOUNT, THE CAPITAL WORKS RESERVE FUND {WORKS ACCOUNT), THE LOAN FUND AND CAPITAL INVESTMENT FUND WAS $85.5 BILLION COMPARED WITH THE REVISED ESTIMATE OF $89.7 BILLION.
"THERE WAS THUS AN UNDER-SPENDING
OF $4.2 BILLION OR ABOUT
FIVE PER CENT OF THE REVISED ESTIMATE," HE SAID.
THERE WAS HARDLY ANY UNDER-SPENDING ON RECURRENT ACCOUNT: ACTUAL TOTAL EXPENDITURE WAS ABOUT ONE PER CENT LESS THAN THE REVISED ESTIMATE, THE SPOKESMAN POINTED OUT.
TO Á
"THE MAIN CAUSE OF UNDER-SPENDING CAN BE ATTRIBUTED SLIPPAGE IN EXPENDITURE ON CAPITAL WORKS AND LAND ACQUISITION AND SOME OF THIS WILL FALL TO BE MET IN THE CURRENT FINANCIAL YEAR.
THESE
"IT IS NOT UNUSUAL FOR PAYMENTS ON CAPITAL WORKS то SLIP. DELAYS CAN OCCUR IN THE LETTING OF CONTRACTS AND PROGRESS ON WORKS, SOMETIMES SLIPS AS A RESULT OF FACTORS THAT CANNOT BE FORESEEN. INCLUDE ADVERSE WEATHER, UNEXPECTED SITE DIFFICULTIES, UNEXPECTED NECESSARY VARIATIONS TO PROJECT SPECIFICATIONS AND DELAYS IN NEGOTIATION OF LAND ACQUISITION SETTLEMENTS," HE ADDED.
BUT
THE
THE
AS A RESULT OF THE VARIATIONS IN REVENUE AND EXPENDITURE, OVERALL SURPLUS FOR 1990-91 WAS ALMOST $4 BILLION, COMPARED WITH THE REVISED ESTIMATE OF $150 MILLION. THE TOTAL FISCAL RESERVES AS AT MARCH 31 STOOD AT $76.5 BILLION.
CONSUMER PRICE INDEXES FOR JUNE 1991
FOR JUNE 1991, THE 1984/85-BASED CPI(A) AND CPI(B) WERE 12.3% AND 11.8% RESPECTIVELY HIGHER THAN IN JUNE 1990, ACCORDING TO FIGURES RELEASED BY THE CENSUS AND STATISTICS DEPARTMENT TODAY (FRIDAY).
THESE RATES OF INCREASE WERE SLOWER THAN THOSE RECORDED IN APRIL AND MAY 1991 (13.9% AND 13.0% RESPECTIVELY FOR APRIL 1991. AND 13.0% AND 12.4% RESPECTIVELY FOR MAY 1991), MAINLY DUE ΤΟ REDUCTION IN THE TOBACCO DUTY AND THE REMOVAL OF THE FUEL SURCHARGE FROM TAXI FARES.
THE
/AS COMPILATION