XN000022-1990-03-07 — Page 20

7

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WEDNESDAY, MARCH 7, 1990

THAT

THE

GOVT EXPENDITURE IN 1989-90 PUT AT $73.1 BILLION

REVISED ESTIMATES FOR THE CURRENT FINANCIAL YEAR INDICATE TOTAL GOVERNMENT EXPENDITURE WILL. AT $73.1 BILLION, EXCEED THE ESTIMATE BY ABOUT SIX PER CENT, THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS, SAID TODAY IN PRESENTING HIS BUDGET FOR 1990-91.

SIR PIERS SAID REVENUE, AT $82.4 BILLION, WAS EXPECTED TO EXCEED THE ESTIMATE BY ABOUT TWO PER CENT, AND AS A RESULT HE WAS EXPECTING AN OVERALL SURPLUS IN 1989-90 OF $9.3 BILLION COMPARED WITH HIS ORIGINAL ESTIMATE OF $11.5 BILLION.

"GENERAL REVENUE ACCOUNT EXPENDITURE, AT $52.3 BILLION IS EXPECTED TO BE CLOSE TO THE ORIGINAL ESTIMATE. IT HAS BEEN POSSIBLE TO MEET INCREASES IN EXPENDITURE FROM THE PROVISION FOR ADDITIONAL COMMITMENTS AND FROM SAVINGS, INCLUDING THOSE ARISING FROM UNFILLED POSTS," HE SAID.

$20.8

"EXPENDITURE FROM THE VARIOUS FUNDS IS EXPECTED TO TOTAL BILLION COMPARED WITH THE ESTIMATE OF $16.8 BILLION, AN INCREASE OF AROUND 24 PER CENT.

"THIS INCREASE IS ATTRIBUTABLE TO OUR HAVING TO MEET HIGHER BUILDING AND CONSTRUCTION COSTS IN THE PUBLIC WORKS PROGRAMME; THE COST OF RESUMING THE MOBIL SITE AT TSING YI, WHICH WAS NOT PROVIDED FOR IN THE ESTIMATES; AND LASTLY, ADDITIONAL INVESTMENT IN THE HOUSING AUTHORITY," HE SAID.

SIR PIERS SAID THAT TAKING THE GENERAL REVENUE ACCOUNT AND THE FUNDS TOGETHER, TOTAL GOVERNMENT EXPENDITURE WAS LIKELY TO BE ABOUT SIX PER CENT ABOVE THE ORIGINAL ESTIMATE AND ABOUT 29 PER CENT THE ACTUAL FIGURE FOR 1988-89.

ABOVE

"CONSOLIDATED PUBLIC SECTOR EXPENDITURE, THAT GOVERNMENT EXPENDITURE AND THAT INCURRED BY THE HOUSING AUTHORITY THE URBAN AND REGIONAL COUNCILS, IS ALSO EXPECTED TO BE ABOUT 29 CENT ABOVE THE ACTUAL FIGURE FOR 1988-89.

IS

TOTAL

AND PER

"AFTER ADJUSTMENT FOR COST INCREASES, THIS REPRESENTS AN INCREASE OF AROUND 13 PER CENT COMPARED WITH THE ORIGINAL ESTIMATE OP NINE PER CENT, ** HE SAID.

WOULD, AT

NOTING THAT REVENUE TO THE GENERAL REVENUE ACCOUNT $74.3 BILLION. EXCEED THE ESTIMATE BY ABOUT TWO PER CENT, SIR PIERS SAID THIS WAS MAINLY ATTRIBUTABLE TO CONTINUING GROWTH IN SALARIES TAX, BETS AND SWEEPS TAX AND STAMP DUTIES.

"REVENUE TO THE FUNDS. AT $8.1 BILLION, WILL EXCEED THE ESTIMATE BY AROUND FOUR PER CENT, MAINLY THROUGH HIGHER REVENUE FROM LAND SALES.

IS PARTLY BILLION,

THUS

""THE GENERAL REVENUE ACCOUNT SURPLUS OF $22 BILLION OFFSET BY A NET DEFICIT ON THE VARIOUS FUNDS OF $12.7 GIVING THE OVERALL SURPLUS OF $9.3 BILLION," HE SAID.

/A TOTAL

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