XN000022-1982-12-22 — Page 18

WEDNESDAY, DECEMBER 22, 1982

16

91LL TO FACILITATE DELEGATION OF FINANCIAL AUTHORITIES

*****

THE PURPOSE OF THE PUBLIC FINANCE BILL 1982 IS TO PROVIDE, FOR THE FIRST TIME, A STATUTORY FRAMEWORK FOR THE CONTROL AND MANAGEMENT OF THE PUBLIC FINANCES OF HONG KONG, THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE, SAID IN THE LEGISLATIVE COUNCIL TODAY.

THE BILL DOES NOT INTRODUCE ANY BASIC CHANGE IN THE PRESENT SYSTEM, WHICH IN ESSENCE MEETS CURRENT NEEDS, MR BREMRIDGE SAID.

+HOWEVER, THE AUTHORITIES WHICH UNDERLIE THIS SYSTEM ARE VARIOUS AND OFTEN UNTRACEABLE. THE BILL IS THEREFORE DESIGNED TO CLARIFY THESE AUTHORITIES AND TO BRING THEM TOGETHER IN ONE PLACE, HE EXPLAINED.

HE DREW THE COUNCIL'S ATTENTION TO ONLY ONE CHANGE MADE BY THE BILL.

PROPOSALS FOR SUPPLEMENTARY PROVISIONS DURING THE COURSE OF A FINANCIAL YEAR ARE AT PRESENT FIRST EXAMINED BY THE FINANCE COMMITTEE AND, UPON ITS APPROVAL, SUBMITTED TO THE LEGISLATIVE COUNCIL FOR COVERING APPROVAL.

MR BREMRIDGE SAID THAT IN PRACTICE, THE INITIAL_APPROVAL GIVEN BY THE FINANCE COMMITTEE IS TAKEN AS SUFFICIENT AUTHORITY FOR THE GOVERNMENT TO PROCEED.

THIS PRACTICE IS NOW RECOGNISED IN THE BILL WHICH PROVIDES FOR THE COMMITTEE TO APPROVE SUPPLEMENTARY PROVISIONS WITHOUT OBTAINING COVERING APPROVAL FROM THE COUNCIL, MR BREMRIDGE SAID.

THE BILL, HE POINTED OUT, WILL FACILITATE THE DELEGATION OF FINANCIAL AUTHORITIES BY SIMPLIFYING THE CHAIN AND METHOD OF DELEGATION.

IT IS INTENDED THAT THE BILL WILL COME INTO EFFECT ON APRIL 1, 1983.

DEBATE WAS ADJOURNED AFTER THE BILL WAS READ A SECOND TIME.

/17