XN000022-1986-05-13 — Page 11

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TUESDAY, MAY 13, 1986

THERE HAD ALSO BEEN AN INCREASE OF 80 PER CENT OVER THE NUMBER OF EXHIBITORS AT THE LAST ELENEX IN 1984 AND MR OSBORNE EXPRESSED CONFIDENCE THAT THERE WOULD BE A CORRESPONDING RISE 1 THE AMOUNT OF BUSINESS GENERATED.

THE THREE-DAY EXHIBITION HAS ATTRACTED MORE THAN 150 EXHIBITORS, INCLUDING NATIONAL GROUPS FROM AUSTRALIA, FINLAND, GERMANY, INDIA, ITALY, HOLLAND, SPAIN, TAIWAN, FRANCE AND THE UNITED KINGDOM, AS WELL AS HONG KONG.

COUNCIL'S BUDGET DEFICIT TOTALS $21 MILLION

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THE URBAN COUNCIL'S UNAUDITED PRELIMINARY BUDGET FOR 1985/86 SHOWS A DEFICIT OF ONLY ABOUT $21 MILLION, WHICH IS $159 MILLION BETTER THAN THE ORIGINALLY FORECAST DEFICIT OF $180 MILLION,

THE CHAIRMAN OF THE COUNCIL'S FINANCE SELECT COMMITTEE, MR WALTER SULKE, SAID THIS AT THE COUNCIL'S MONTHLY OPEN MEETING TODAY.

+THIS VERY MUCH BETTER RESULT WAS ACHIEVED IN SPITE OF THE FACT THAT DURING THE YEAR JUST ENDED THE COUNCIL SPENT A RECORD $274 MILLION ON CAPITAL WORKS PROJECTS TO PROVIDE MUCH NEEDED CIVIC FACILITIES THUS FURTHER UPGRADING THE LIVING STANDARDS OF HONG KONG, HE SAID.

+THIS FIGURE OF $274 MILLION IS $62 MILLION MORE THAN THE COUNCIL HAS EVER SPENT IN ANY YEAR IN THE PAST ON CIVIC PROJECTS AND UNDERLINES THE COUNCIL'S COMMITMENT TO CONTINUALLY IMPROVE THE QUALITY OF LIFE OF THE PEOPLE OF HONG KONG.

MR SULKE POINTED OUT THAT THE URBAN COUNCIL HAD FORECAST DEFICITS FOR THE LAST TEN YEARS BUT ONLY HAD ACTUAL EFICITS IN THREE OF THOSE YEARS.

IN HIS VIEW, IT WAS VERY IMPORTANT THAT BUDGETS BE ACCURATE BECAUSE THEY SERVED A DUAL PURPOSE. THEY ARE A MANAGEMENT TOOL AND THEY INFORM THE PUBLIC, AND ESPECIALLY THAT PART OF THE PUBLIC WHO PAY RATES AND WHOSE MONEY WE ARE SPENDING, WHAT WILL BE HAPPENING IN THE COMING YEAR, + HE SAID.

+AND AS FAR AS THE PUBLIC IS CONCERNED, IF WE REPEATEDLY STATE THAT WE WILL HAVE A DEFICIT AND THEREFORE WILL NEED MORE MONEY AND THEN IT TURNS OUT THAT WE DON'T HAVE A DEFICIT, WE WILL LOSE CREDIBILITY.

/+THEN WHEN