NOTE.
This set is to be returned to
W. H. Palmer Co.
MEMORANDUM ON THE ESTIMATES OF REVENUE AND
EXPENDITURE FOR THE YEAR ENDING
31ST MARCH 1948
INTRODUCTION
RECEIVEL
❘
In framing the Estimates for 1946/47 there was necessarily a large element of guesswork. Confronted by conditions which differed vastly from those obtaining in 1941 and after a gap of 3 years caused by the Japanese occupation, there were no standards of comparison on which costs could be based. Inevitably therefore the final figures will differ very widely from those approved by the Legislature which were as follows:
Estimated Recurrent Expenditure
$90,077,129
Estimated Special Expenditure including $77,777,447 Public Works Extraordinary
110CT:947
C. O. REGY
$167,854,576
Estimated Revenue
Deficit
51,308,300
$116,546,276
In the event, Revenue proved to be more buoyant than it was reasonable to expect after the dislocation caused by a prolonged period of enemy occupation and as a result also of the increased taxation imposed during the latter part of the financial year, the final revenue figure is expected to be in the neighbourhood of $78,000,000. Expenditure too has not been as heavy as was anticipated. The full amounts voted were not in many cases fully expended largely due to the lengthy delays in obtaining new equipment. Large sums have in consequence necessarily been carried over into the 1947/48 Budget.
It is only possible at this stage to guess at the total expenditure figure for 1946/47 as there is very considerable delay in the receipt of accounts both from other administrations and from the Crown Agents.
It will be appreciated that large sums are being expended in London on re-equipment and that the Crown Agents may at any time receive large claims of which this Government has no knowledge. The settlement of a large claim or the delivery say of new rolling stock to a value of several million dollars would completely upset any estimate of total expenditure which may be
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