XN000022-1983-07-27 — Page 5

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WEDNESDAY, JULY 27, 1983

BUDGET DEFICIT SMALLER BY $300 M

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THE BUDGET DEFICIT FOR FISCAL 1982-83 WAS MORE THAN $300 MILLION BELOW THE ESTIMATE ANNOUNCED IN THE BUDGET DEBATE LAST APRIL, THE FINANCIAL SECRETARY, THE HON SIR JOHN BREMRIDGE, SAID IN THE LEGISLATIVE COUNCIL TODAY.

ACTUAL REVENUE FOR THE FINANCIAL YEAR WAS $31 098 MILLION AND THE FINAL DEFICIT WAS $3 500 MILLION, COMPARED WITH AN ESTIMATED DEFICIT OF $3 828 MILLION, SIR JOHN SAID, IN MOVING THE SUPPLEMENTARY APPROPRIATION (1982-83) BILL 1983 THROUGH A SECOND READING.

THE BILL SEEKS TO GIVE FINAL LEGISLATIVE AUTHORITY TO THE SUPPLEMENTARY FUNDS MADE AVAILABLE UNDER THE AUTHORITY OF RESOLUTIONS PASSED BY THE LEGISLATIVE COUNCIL FOR THE SERVICE OF THE LAST FISCAL YEAR.

THE TOTAL NET SUPPLEMENTARY APPROPRIATION REQUIRED IS $1 974 MILLION UNDER 53 HEADS.

SIR JOHN SAID THAT THIS EXCESS WAS ALMOST ENTIRELY ACCOUNTED FOR BY THE 1982 SALARIES REVISION FOR THE CIVIL SERVICE ($1 655 MILLION) AND GOVERNMENT SUBVENTED ORGANISATIONS ($181 MILLION) AND FOR THE PAYMENT OF PENSIONS, RETIRING ALLOWANCES AND GRATUITIES TO CONTRACT OFFICERS ($134 MILLION).

+NEVERTHELESS, BECAUSE OF SAVINGS MADE IN OTHER SUBHEADS ACTUAL EXPENDITURE AT $34 598 MILLION FOR THE FULL FINANCIAL YEAR WAS $925 MILLION LESS THAN THE ORIGINAL ESTIMATE,+ HE SAID.

TOWARDS THE END OF THE FINANCIAL YEAR, THERE WAS A SHARP DROP IN CAPITAL EXPENDITURE RESULTING FROM DELAYS IN BUILDING PROGRAMMES AND FROM LOWER THAN ANTICIPATED RESUMPTION COSTS UNDER THE LAND ACQUISITION PROGRAMME, HE EXPLAINED,

THE DELAYS, SIR JOHN ADDED, WERE OCCASIONED MAINLY BY MUCH HIGHER THAN AVERAGE RAINFALL.

EXPENDITURE FROM THE CAPITAL WORKS RESERVE FUND AT $7 603 MILLION WAS $769 MILLION LESS THAN THE ORIGINAL ESTIMATE.

+CONSEQUENTLY, THERE HAS BEEN A MUCH LARGER CARRY FORWARD OF $3.2 BILLION INTO 1983-84, WHICH WILL BE MOST HELPFUL IN THE MAINTENANCE OF IMPETUS, SIR JOHN SAID.

DEBATE ON THE BILL WAS ADJOURNED TO AUGUST 10.

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