XN000022-1982-02-24 — Page 20

WEDNESDAY, FEBRUARY 24, 1982

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+ THE INCREASED AREA OF LAND TO BE SOLD IN 1982-83 IS, OF COURSE, A REFLECTION OF THE CONTINUED INCREASE IN EXPENDITURE ON DEVELOPMENT WORKS.+

ON THE LONGER TERM OUTLOOK FOR LAND SALES, HE SAID THAT EVEN THOUGH SALES FOR VARIOUS REASONS TENDED TO LAG BEHIND LAND PRODUCTION, THE FORECAST WAS THAT AT LEAST 100 HECTARES WOULD BE SOLD IN EACH OF THE THREE-YEAR FORECAST PERIOD 1983-84 TO 1985-86.

+TOGETHER WITH PRIVATE TREATY GRANTS AND MODIFICATIONS AND REGRANTS, THE POTENTIAL REVENUE YIELDS ARE HIGH ENOUGH TO SUGGEST THAT THE FINANCING OF THE CAPITAL ACCOUNT IN THE FORECAST PERIOD WILL CONTINUE TO BE LESS DEPENDENT ON THE SURPLUS ON RECURRENT ACCOUNT THAN IN PREVIOUS YEARS.

+I HAVE NO DOUBT THAT THIS SUBJECTIVE VIEW WILL BE RAISED IN THE DEBATE TO COME, HE SAID.

MR BREMRIDGE ADDED THAT DESPITE THE CURRENT CYCLICAL DOWNTURN HE HAS COMPLETE CONFIDENCE IN THE LONG-TERM PROSPECTS OF THE REAL ESTATE DEVELOPERS.

$6.3 BILLION SURPLUS TIPPED FOR 1982-83

*****

A SURPLUS OF $6.3 BILLION IS FORECAST IN THE BUDGET FOR 1982-83.

THIS IS BASED ON THE DIFFERENCE BETWEEN THE ADJUSTED TOTAL REVENUE FOR THE YEAR ESTIMATED AT $39.2 BILLION AND TOTAL EXPENDITURE OF $32.9 BILLION INCLUDING THE NEW CAPITAL WORKS RESERVE FUND.

PRESENTING HIS DRAFT ESTIMATES FOR EXPENDITURE IN THE COMING FINANCIAL YEAR, THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE SAID $19.5 BILLION WAS BEING SOUGHT FOR RECURRENT EXPENDITURE REPRESENTING AN INCREASE OF $2.8 BILLION OR 17 PER CENT ON THE 1981-82 REVISED ESTIMATE.

MR BREMRIDGE SAID 35 PER CENT OF RECURRENT EXPENDITURE COMPARED WITH 38 PER CENT OVER THE PAST FIVE YEARS, WOULD BE FOR CIVIL SERVICE SALARIES.

*BUT AT $6.7 BILLION THE PROVISION THUS SOUGHT AS IS OUR USUAL PRACTICE MAKES NO ALLOWANCE FOR THE COST OF ANY REVISION OF CIVIL SERVICE SALARIES THAT MAY BE AGREED IN 1982-83,+ HE POINTED OUT.

THE APPROVED ESTABLISHMENT WOULD BE 137 838 POSTS, OF WHICH ABOUT 89 PER CENT WOULD LIKELY BE FILLED ON APRIL 1, 1982,

/+THE VACANCY

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