XN000022-1988-09-14 — Page 11

WEDNESDAY, SEPTEMBER

14, 1988

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URBAN COUNCIL ACHIEVES RECORD SURPLUS OF $314 MILLION

THE URBAN COUNCIL ACHIEVED AN ALL-TIME SURPLUS OF $314 MILLION IN 1987-88.

THIS IS DETAILED IN THE COUNCIL'A 1988 ANNUAL REPORT, "SOARING CITY", WHICH HAS JUST BEEN PUBLISHED.

"THE FINANCIAL YEAR 1987-88 WAS AN IMPORTANT ONE IN THE FINANCIAL HISTORY OF THE COUNCIL. IT SAW THE ACHIEVEMENT OF THE COUNCIL'S LONG-TERM WISH TO HAVE RESERVES TOTALLING ABOUT THREE MONTHS' EXPENDITURE,' SAID THE REPORT.

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"THE COUNCIL'S RESERVES STOOD AT $724 MILLION AS OF MARCH 31, 1988 WHICH REPRESENTS APPROXIMATELY 14 WEBKS* EXPENDITURI.

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THE REPORT SAID THAT DURING 1987-88, THE COUNCIL DREW UP AN UPDATED CAPITAL WORKS PROGRAMME WHICH ENVISAGED AN OVERALL COMMITMENT OF $2,267 MILLION TO CAPITAL PROJECTS FOR THE PERIOD 1987-88 TO 1991-92.

THE TOTAL REVENUE COLLECTED DURING THE YEAR AMOUNTED TO $2,433 MILLION, AN OVERALL INCREASE OF $343 MILLION OVER THE PRECEDING YEAR WHILE THE TOTAL EXPENDITURE AMOUNTED TO $2,119 MILLION, OUT OF WHICH $332 MILLION WERE SPENT ON CAPITAL WORKS.

AT

"SOARING CITY", IN BOTH ENGLISH AND CHINESE EDITIONS, HAS MORE THAN 100 PAGES OF COLOUR AND COSTS $20 A COPY. IT IS NOW AVAILABLE THE TWO URBAN COUNCIL ROOK SHOPS AT CITY HALL LOW BLOCK AND KOWLOON CENTRAL LIBRARY AND ALL LEADING BOOKSTORES.

CAPTION: THE NEWLY-PUBLISHED URBAN COUNCIL 1988 ANNUAL REPORT,

PRICED AT $20 A COPY, IS AVAILABLE SHOPS AT CITY HALL, LOW BLOCK AND LEADING BOOK STORES.

AT THE TWO URBAN COUNCIL BOOK KOWLOON CENTRAL LIBRARY AND ALL

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