WEDNESDAY, MARCH 31, 1993
5
TAKE
NOT ONLY SHOULD THE MAIN SPENDING ON THE AIRPORT CORE PROGRAMME HAVE CEASED BY THEN, BUT A NUMBER OF OTHER POSITIVE CHANGES WILL PLACE AT THAT TIME.
THE
IN PARTICULAR, THE SPECIAL ADMINISTRATIVE REGION GOVERNMENT
THE WILL HAVE THE INTEREST EARNED ON
LAND FUND, TOGETHER WITH FULL PROCEEDS OF LAND SALES, INSTEAD OF ONLY HALF AS AT PRESENT.
TO
PLUS THE RENTALS ARISING FROM THE EXTENSION OF LAND LEASES BEYOND 1997. THE COMBINED EFFECT OF THESE CHANGES ALONE IS LIKELY BE ADDITIONAL REVENUE OF AROUND $15 BILLION IN 1997/98.
A BE
THAT
MODEST
A
KE SAID HE HAD SOME SYMPATHY FOR THOSE WHO COMMENTED FORECAST DEFICIT FOR 1993/94 COULD WELL TURN OUT ΤΟ SURPLUS.
"IT TS NOT AT ALL EASY TO FORECAST ACCURATELY, AND IT WOULD ONLY TAKE A SMALL PERCENTAGE CHANGE IN EITHER REVENUE OR EXPENDITURE TO TURN A $3.4 BILLION DEFICIT INTO A MODEST SURPLUS."
THIS PROBLEM IS NOT PECULIAR TO HONG KONG ALONE.
A RECENT STUDY FOUND THE FOLLOWING: "THERE HAS CONSISTENT UNDER-ESTIMATION OF TOTAL REVENUE AND OVER-ESTIMATION ACCOUNTS WHICH HAVE LED TO SURPLUSES ON THE CURRENT EXPENDITURE, THE
THERE BUDGET.
HAVE BEEN SIMILAR SHORTFALLS JN ESTIMATED, OPPOSED TO AUTHORISED, DEVELOPMENT EXPENDITURE.'
BEEN
A
OF
OF AS
-
"WHILE
17 IS IN
THIS SOUNDS LIKE A DESCRIPTION OF HONG KONG, FACT FROM A STUDY WHICH SEEKS TO EXPLAIN SINGAPORE'S BUDGET SURPLUSES.
SOLVE
"THAT SAID, I ENTIRELY ACCEPT THAT WE MUST REDOUBLE OUR EFFORTS ΤΟ IMPROVE THE ACCURACY OF OUR FORECASTS, AND IN PARTICULAR TO THE PROBLEM OF UNDEREXPENDITURE ON CAPITAL WORKS."
0
IDEAS OPENED IN USING SANDWICH CLASS HOUSING FUND
THE ADMINISTRATION IS ENTIRELY OPEN TO IDEAS ABOUT THE BEST WAY OF USING THE $2 BILLION EARMARKED FOR SANDWICH CLASS HOUSING, THE FINANCIAL SECRETARY, THE HON HAMISH MACLROD, SAID IN THE COUNCIL TODAY (WEDNESDAY).
LEGISLATIVE
SPEAKING AT THE RESUMED BUDGET DEBATE, MR MACLEOD SAID IDEAS ABOUT INTEREST-FREE LOANS AND THE LIKE WOULD BE LOOKED AT URGENTLY AND SERIOUSLY BY THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS.
14
#
'NEEDLESS TO SAY I SHALL BE ONLY TOO DELIGHTED IF IT PROVES POSSIBLE TO RELP A LARGER NUMBER OF PEOPLE WITH THE SAME AMOUNT OF MONEY.'
IN THE BUDGET, $2 BILLION HAS BEEN PROPOSED FOR THE HOUSING SOCIETY TO SPEED UP THE INTERIM SCHEME TO HELP GENUINE, FIRST-TIME HOME BUYERS IN THE SANDWICH CLASS TO BUY FLATS AT A DISCOUNT.
/THIS SCHEME