XN000022-1973-02-28 — Page 36

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Wednesday, February 28, 1973

He estimated that "had the Urban Council not been financing its

own expenditure in 1973-74 from the new Urban Rate, an additional $17 million

would have to be added in."

The second element was $22 million in recurrent expenditure on

resettlement and low cost housing, now to be financed largely from the

Development Loan Fund as a result of broadening the scope of the Housing

Authority.

The Financial Secretary said the staff for the Urban Services

Department and the new Housing Department, as executive arms of the Urban Council

and the Housing Authority, would be on the establishment of the public

service and paid from General revenue.

I

Capital Account

"Provisions for their salaries is thus included in the Estimates,

against reimbursements," he added.

Mr. Haddon-Cave said that the two main elements in the increase

in recurrent expenditure for 1973-74, were civil service emoluments and recurrent subventions, including grants to the universities and the Polytechnic.

Turning to the capital account, the Financial Secretary said that

at $1,369 million, the estimated capital expenditure for 1973-74 was $244 million higher than the revised estimate for 1972-73.

This, he said, "is getting close to the guideline figure I have

in mind for annual capital expenditure in the mid- and late 70s.

At April 1, this year, Mr. Haddon-Cave said, the outstanding balance on approved expenditure for Public Works Non-Recurrent was likely to be $4,615 million.

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