XN000022-1983-02-23 — Page 27

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WEDNESDAY, FEBRUARY 23, 1983

SMALL SURPLUS EXPECTED FOR CAPITAL WORKS RESERVE FUND

IN 1983/84

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THE PROVISION OF $8 BILLION SOUGHT FOR TRANSFER TO THE CAPITAL WORKS RESERVE FUND, TOGETHER WITH AN ESTIMATED SURPLUS OF ABOUT $1.6 BILLION IN THE FUND AT THE END OF 1982-83, ARE SUFFICIENT TO COVER THE ESTIMATED EXPENDITURE OF 39.3 BILLION FROM THE FUND DURING 1983-84 AND TO LEAVE A SMALL SURPLUS AT THE END OF THE FINANCIAL YEAR.

THIS WAS STATED BY THE FINANCIAL SECRETARY THE HON JOHN BREMRIDGE IN HIS BUDGET SPEECH TODAY IN THE LEGISLATIVE COUNCIL.

MR BREMRIDGE SAID THE ESTIMATED EXPENDITURE FROM THE FUND IN 1983-84 ON THE PUBLIC WORKS PROGRAMME WAS $7.6 BILLION, AN INCREASE OF $355 MILLION OR FIVE PER CENT OVER THE REVISED ESTIMATE FOR 1982-83.

ON LAND ACQUISITION, THE ESTIMATED EXPENDITURE IS $1.7 BILLION, THE SAME AS THE REVISED ESTIMATE FOR 1982-83.

HE SAID THE OUTSTANDING COMMITMENT (OR OVERHANG) IN RESPECT OF PROJECTS IN HAND ON APRIL 1, 1982 WAS ABOUT $26 BILLION. THIS WAS INCREASED BY ABOUT $3.3 BILLION AS A RESULT OF THE INJECTION OF NEW PROJECTS DURING 1982-83, BUT REDUCED BY ROUGHLY $8.9 BILLION IN EXPENDITURE.

DURING 1983-84, THE FINANCIAL SECRETARY SAID, WORK IS SCHEDULED TO START ON NEW PROJECTS OF A TOTAL VALUE OF ABOUT $4.6 BILLION. THE OVERHANG ON APRIL 1, 1983 WILL BE ABOUT $25 BILLION.

AFTER ALLOWING FOR THE ESTIMATED EXPENDITURE DURING 1983-84 OF $9.3 BILLION, THE OUTSTANDING COMMITMENT AT APRIL 1, 1984 WILL BE NO LESS THAN $15.7 BILLION, BUT WILL CERTAINLY BE MUCH HIGHER AS FURTHER NEW WORKS ARE APPROVED DURING THE YEAR.

MR BREMRIDGE STRESSED THAT EVERY EFFORT HAD BEEN MADE TO ACCOMMODATE IN THE PROGRAMME OF WORKS FOR 1983-84 ALL LAND PRODUCTION AND TRANSPORT PROJECTS THAT WERE READY TO PROCEED.

+THE PRIORITY GIVEN TO THESE AND TO PUBLIC HOUSING IS REFLECTED IN THE BREAKDOWN OF EXPENDITURE ON CONSOLIDATED ACCOUNT,+ HE SAID. THE ESTIMATED TOTAL EXPENDITURE ON TRANSPORT, ROADS, CIVIL ENGINEERING, AND LAND IS $7 BILLION, WHICH IS ABOUT 16.3 PER CENT OF TOTAL CONSOLIDATED ACCOUNT EXPENDITURE, COMPARED WITH $1.8 BILLION OR 14.7 PER CENT AS RECENTLY AS 1978-79.+

MR BREMRIDGE SAID THE SPECIAL COMMITTEE ON LAND SUPPLY CONTINUED TO RECOMMEND TARGETS FOR LAND PRODUCTION AND TO MONITOR THE ADMINISTRATION IN THE ACHIEVEMENT OF THOSE TARGETS,

+GOVERNMENT GROSS LAND PRODUCTION IN 1983-84 IS ESTIMATED TO BE 669 HECTARES AS COMPARED WITH 676 HECTARES IN 1982-83. OVER THE THREE YEARS OF THE NEW FORECAST PERIOD 1984-85 TO 1986-87 IT

IS ESTIMATED TO TOTAL 2 336 HECTARES, HE SAID.

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