WEDNESDAY, JUNE 30, 1993
13
LAND REGISTRY TO OPERATE ON TRADING FUND BASIS
*
THE
LAND REGISTRY, WHICH HAS RECENTLY BECOME A SEPARATE GOVERNMENT DEPARTMENT TAKING OVER THE FUNCTIONS OF THE LAND OFFICE OF THE FORMER REGISTRAR GENERAL'S DEPARTMENT, WILL OPERATE ON A TRADING FUND BASIS, STARTING FROM AUGUST 1.
FOLLOWING THE PASSAGE OF A RESOLUTION IN THE LEGISLATIVE COUNCIL ΤΟ ESTABLISH THE LAND REGISTRY TRADING FUND, THE LAND REGISTRAR, MR KENNETH PANG, EXPLAINED AT A NEWS CONFERENCE THIS (WEDNESDAY) AFTERNOON HOW HIS DEPARTMENT WOULD OPERATE UNDER THE TRADING FUND, AND OUTLINED THE PROJECTS IN THE PIPELINE TO PROVIDE MORE EFFECTIVE AND BETTER SERVICES TO THE PUBLIC.
"MY
OF
IMMEDIATE TASK IS TO ARRANGE FOR THE SMOOTH TRANSITION THE LAND REGISTRY FROM A VOTE-FUNDED DEPARTMENT то TRADING FUND OPERATIONS," HE NOTED.
THE LAND REGISTRY IS ONE OF THE FIRST DEPARTMENTS ΤΟ OPERATE
UNDER A TRADING FUND.
A TRADING FUND, MR PANG EXPLAINED, IS A FINANCIAL AND ACCOUNTING ARRANGEMENT WHICH REQUIRES A DEPARTMENT OFFERING SERVICES OF A COMMERCIAL NATURE TO OPERATE ON A COMMERCIAL BASIS WHILE REMAINING AS A GOVERNMENT DEPARTMENT AND ITS STAFF AS CIVIL SERVANTS.
"THE BASIC OBJECTIVE IS TO IMPROVE THE QUALITY OF SERVICE ΤΟ CUSTOMERS WITH STRONG EMPHASIS ON MEETING PERFORMANCE TARGETS AND FINANCIAL OBJECTIVES. THERE IS GREATER FLEXIBILITY FOR DEPLOYING RESOURCES TO MEET OPERATIONAL NEEDS, HE STRESSED.
MR PANG WENT ON TO SAY THAT TRADING-FUNDED DEPARTMENT RECEIVES PAYMENTS FROM ITS CUSTOMERS IN BOTH THE PRIVATE AND PUBLIC SECTORS FOR SERVICES PROVIDED, AND THE PAYMENT'S ARE CREDITED TO THE FUND TO FINANCE ITS EXPENDITURE. THE DEPARTMENT IS REQUIRED TO BALANCE INCOME AND EXPENDITURE, TAKING ONE YEAR WITH ANOTHER.
"THIS ARRANGEMENT GIVES THE DEPARTMENT GREATER FINANCIAL FLEXIBILITY SO AS TO RESPOND MORE PROMPTLY TO THE CHANGING NEEDS OF ITS FEE-PAYMENT CUSTOMERS AND TO INVEST IN EFFICIENCY IMPROVEMENT CAPITAL PROJECTS, SUCH AS OFFICE AUTOMATION AND INFORMATION TECHNOLOGY," HE NOTED.
MR PANG, IN HIS CAPACITY AS LAND REGISTRAR, IS THE GENERAL MANAGER OF THE LAND REGISTRY TRADING FUND. HE IS ACCOUNTABLE TO THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS AND ULTIMATELY TO THE FINANCIAL SECRETARY FOR MANAGING AND OPERATING THE BUSINESS OF THE LAND REGISTRY AND FOR ACHIEVING ITS PERFORMANCE TARGETS AND FINANCIAL
OBJECTIVES.
THE TRADING FUND'S ANNUAL REPORT AND THE DIRECTOR OF AUDIT'S REPORT ON THE ACCOUNTS WILL BE TABLED IN THE LEGISLATIVE COUNCIL.
/THE MAIN