XN000022-1985-08-07 — Page 5

WEDNESDAY, AUGUST 7, 1985

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FIRST QUARTER SUPPLEMENTARY PROVISION. $1.55 BILLION

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THE FINANCIAL SECRETARY, THE HON SIR JOHN BREMRIDGE, TOLD THE LEGISLATIVE COUNCIL TODAY THAT THE SUPPLEMENTARY PROVISION FOR THE FIRST QUARTER OF THE FINANCIAL YEAR 1985-86 AMOUNTED TO $1 554 MILLION.

SIR JOHN SAID THAT THIS SUM INCLUDED $1 500 MILLION FOR THE PAYMENT OF THE FIRST EQUITY INJECTION FOR THE MASS TRANSIT RAILWAY CORPORATION IN 1985-86.

+OTHER MAJOR PROVISIONS INCLUDED $13.3 MILLION FOR SUBVENTIONS TO THE HONG KONG TOURIST ASSOCIATION- $8.3 MILLION FOR RESUMPTION OF LAND WITHIN THE CASTLE PEAK FIRING RANGE IN THE NEW TERRITORIES- $7.9 MILLION FOR A GRANT TO THE WAR MEMORIAL FUND AND $7.3 MILLION FOR SPECIAL LEGAL EXPENSES ON COURT FEES,+ HE SAID.

♦THE AMOUNT OF $1 500 MILLION IS OF COURSE TOO LARGE TO BE COVERED BY THE PROVISION FOR ADDITIONAL COMMITMENTS OF $1 800 MILLION, WHICH IS IN ANY CASE LARGELY COMMITTED AS A RESULT OF THE 1985 SALARIES ADJUSTMENT, SIR JOHN SAID.

+NEVERTHELESS, AN INCREASE IN THE BUDGETED DEFICIT ARISING FROM THIS UNFORESEEN PAYMENT IS NOT EXPECTED BECAUSE THE AMOUNT SHOULD BE OFFSET BY LARGER THAN EXPECTED LAND REVENUE DUE TO THE RECENT IMPROVEMENT IN LAND PRICE AND PAYMENTS FOR LAND PURCHASES IN CASH, RATHER THAN IN LETTERS 'B',+ HE ADDED.

+OTHER SUPPLEMENTARY PROVISIONS APPROVED HAVE BEEN OFFSET EITHER BY SAVINGS UNDER THE SAME HEAD OR OTHER HEADS OF EXPENDITURE OR BY DELETIONS OF FUNDS UNDER THE ADDITIONAL COMMITMENTS VOTES,+ SIR JOHN SAID.

+DURING THE QUARTER, A NET INCREASE OF 222 POSTS WAS APPROVED, INCLUDING POSTS FOR THE HOUSING AUTHORITY AND THE URBAN COUNCIL,+ SIR JOHN ADDED.

HE NOTED THAT APPROVED COMMITMENTS HAD BEEN INCREASED BY $886.4 MILLION AND NEW COMMITMENTS OF $143.8 MILLION HAD BEEN APPROVED.

HE POINTED OUT THAT ITEMS IN THE SUMMARY HAD BEEN APPROVED EITHER BY THE FINANCE COMMITTEE OR UNDER DELEGATED AUTHORITY.