XN000022-1986-02-26 — Page 31

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WEDNESDAY, FEBRUARY 26, 1986

COMMISSION STUDYING LAND SALES PLAN

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A DETAILED PROGRAMME OF LAND DISPOSAL FOR 1986-87 IS CURRENTLY BEING CONSIDERED BY THE LAND COMMISSION AND SHOULD BE AGREED SHORTLY, SIR JOHN BREMRIDGE SAID TODAY.

IN HIS BUDGET SPEECH, SIR JOHN SAID FROM A PROVISIONAL DRAFT PROGRAMME, WHICH INCLUDED AT LEAST TWO MORE LARGE SITES IN THE URBAN AREAS AND A NUMBER OF VALUABLE SITES FOR PRIVATE SECTOR PARTICIPATION SCHEME HOUSING, THE GOVERNMENT ESTIMATED THAT THE GROSS LAND REVENUE TO BE SHARED IN 1986-87 SHOULD BE $3.4 BILLION.

+ABOUT $1.4 BILLION WOULD ACCRUE TO THE FUTURE SAR GOVERNMENT AND $2 BILLION TO THE WORKS ACCOUNT,+ HE SAID.

+THESE FIGURES, HOWEVER, ARE DEPENDENT ON SO MANY UNKNOWNS THAT THEY CANNOT BE RELIABLE, THEY REPRESENT ONLY A BEST GUESS, + HE ADDED.

THE GROSS ESTIMATE OF $3.4 BILLION FOR THE SUSPENSE ACCOUNT TOGETHER WITH THE REVENUE OF $500 MILLION ACCRUING TO THE GENERAL REVENUE COMPARED WITH A REVISED ESTIMATE FOR 1985-86 TOTALLING $4.6 BILLION AND ACTUAL REVENUE IN 1984-85 OF $4.3 BILLION, SIR JOHN SAID.

ON EXPENDITURE UNDER THE FUND ACCOUNTS, SIR JOHN ESTIMATED A SPENDING OF $9.4 BILLION.

+THIS WILL BE MET PARTLY BY INTERNAL REVENUE GENERATED BY THE FUNDS THEMSELVES IN TERMS OF LAND TRANSACTIONS. LOAN REPAYMENTS AND INTEREST AND PARTLY BY A TRANSFER OF FUNDS FROM GENERAL REVENUE ACCOUNT, HE SAID.

+I WISH I HAD BEEN MORE FAR SIGHTED+

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THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, SAID TODAY THAT HE ALWAYS ACKNOWLEDGED HIS MISTAKES.

SIR JOHN SAID THAT DURING DELIBERATION OF THE BUDGET IN 1982 HE HAD NOTED +APPREHENSIVE (AND INDEED PERCEPTIVE) COMMENTS BY MISS LYDIA DUNN AND MR BILL BROWN ON POSSIBLE FUTURE PROBLEMS CONCERNING THE RELATIONSHIP BETWEEN CAPITAL EXPENDITURE AND CAPITAL REVENUE AND THE ALLIED POSSIBILITY OF FALLING REVENUE FROM LAND SALES.

/+I WISH