XN000022-1980-07-23 — Page 8

WEDNESDAY, JULY 23, 1980

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MR JEAFFRESON EXPLAINED THAT THE PROPOSED BILL PROVIDES FOR A SINGLE UNIFIED EXCHANGE AND WAS THE RESULT OF DETAILED INVESTIGATION AND DISCUSSION BY THE WORKING PARTY ON UNIFICATION OF THE FOUR EXCHANGES ESTABLISHED IN MAY 1977 UNDER THE CHAIRMANSHIP OF THE COMMISSIONER FOR SECURITIES.

MR JEAFFRESON ADDED THAT THE BILL ALSO REFLECTED THE ADVICE OF THE SECURITIES COMMISSION AND THE VIEWS EXPRESSED IN RESPONSE TO TWO QUESTIONNAIRES WHICH WERE SENT TO ALL MEMBERS OF THE EXISTING EXCHANGES.

FINANCIAL ASSISTANCE TO VOLUNTARY AGENCIES

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FINANCIAL ASSISTANCE IS GIVEN TO VOLUNTARY AGENCIES TO MEET BOTH RECURRENT AND CAPITAL EXPENDITURE OF APPROVED PROJECTS, THE DIRECTOR OF SOCIAL WELFARE, THE HON THOMAS LEE, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

REPLYING TO A QUESTION FROM THE HON LYDIA DUNN, MR LEE EXPLAINED THAT RECURRENT GRANTS FROM SOCIAL WELFARE SUBVENTIONS WERE NORMALLY ALLOCATED BEFORE THE BEGINNING OF EACH FINANCIAL YEAR AND THAT UNDER PRESENT ARRANGEMENTS, ONE-FOURTH OF THE APPROVED ALLOCATION FOR SERVICES IN EXISTENCE WAS AUTOMATICALLY PAID TO VOLUNTARY AGENCIES AT THE BEGINNING OF EACH QUARTER.

RELEASE OF THE APPROVED SUBVENTION, HE SAID, WAS SUBJECT TO CONFIRMATION BY THE AGENCIES CONCERNED THAT THE CONDITIONS OF THE GRANT HAVE BEEN FULFILLED.

+WITH EFFECT FROM THE BEGINNING OF THIS FINANCIAL YEAR, STANDARDISED PRO-FORMAS HAVE BEEN GIVEN TO VOLUNTARY AGENCIES TO ASSIST THEM IN REPORTING ON THE EXTENT THAT CONDITIONS HAVE BEEN MET,+ HE SAID.

MR LEE ALSO EXPLAINED THAT RECURRENT GRANTS FROM THE LOTTERIES FUND MAY BE APPROVED FOR EXPERIMENTAL PROJECTS AND THAT THE GRANT FOR THE FIRST QUARTER'S OPERATION COULD ALSO BE RELEASED AUTOMATICALLY.

+HOWEVER, IN THE PAST, THE RELEASE OF THE GRANT FOR THE SUBSEQUENT QUARTERS WAS WITHHELD UNTIL THE AGENCY HAD PROVIDED A STATEMENT OF ACCOUNTS FOR THE IMMEDIATE PRECEDING QUARTER, HE SAID.

THIS, MR LEE SAID, WAS NECESSARY TO ENSURE THAT ANY OVERPAYMENT IN THE PREVIOUS QUARTER MIGHT BE ADJUSTED AS QUICKLY AS POSSIBLE.

HE SAID THIS ARRANGEMENT WAS NOT ENTIRELY SATISFACTORY AS IT RESULTED IN DELAYS IN THE RELEASE OF FUNDS BECAUSE THE PREPARATION OF THE STATEMENT OF ACCOUNTS BY THE AGENCY, THE EXAMINATION OF THE STATEMENT BY THE SOCIAL WELFARE DEPARTMENT AND THE PROCESSING OF PAYMENT THROUGH THE TREASURY ALL TOOK TIME.

/+UNDER THIS