XN000022-1991-11-13 — Page 31

WEDNESDAY, NOVEMBER 13, 1991

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HOUSING AUTHORITY'S BUDGETS FOR THE 1992/93 FINANCIAL YEAR

FOR

THE HOUSING AUTHORITY'S INCOME AND EXPENDITURE BUDGET 1992/93 TABLED AT TODAY'S (WEDNESDAY) ESTABLISHMENT AND FINANCE COMMITTEE MEETING HAS FORECAST AN OPERATIONAL DEFICIT ON ITS ESTATE WORKING ACCOUNT OF $231 MILLION, AFTER PAYMENT OF INTEREST AND DIVIDENDS TO THE GOVERNMENT.

HOWEVER, AFTER TAKING INTO ACCOUNT PROCEEDS FROM THE HOME OWNERSHIP SCHEME/PRIVATE SECTOR PARTICIPATION SCHEME AND THE HOME PURCHASE LOAN SCHEME, A NET SURPLUS OF $1.92 BILLION IS FORECAST.

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A HOUSING SPOKESMAN SAID A TOTAL OF ABOUT $1.9 BILLION IN INTEREST AND DIVIDENDS WOULD BE PAID TO THE GOVERNMENT $1.3 BILLION BY WAY OF INTEREST ON GOVERNMENT'S PERMANENT CAPITAL, AT THE RATE OF FIVE PER CENT ON AMOUNT OF CAPITAL INJECTED INTO THE AUTHORITY,

AND THE REMAINING BALANCE BEING DIVIDENDS PAYABLE AT 50 PER CENT OF THE AUTHORITY'S NON-DOMESTIC SURPLUS.

"THE AUTHORITY'S TOTAL RECURRENT INCOME IS ESTIMATED AT $8.85 BILLION, ESSENTIALLY RENTAL INCOME FROM DOMESTIC AND NON-DOMESTIC PROPERTIES, HE SAID.

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"ON THE OTHER HAND, RECURRENT EXPENDITURE IS BUDGETED AT $9.08 BILLION, MOSTLY FOR PERSONAL EMOLUMENTS, RATES AND MAINTENANCE AND IMPROVEMENT EXPENDITURE.

"IN PERCENTAGE TERMS THE BUDGETED EXPENDITURE ON PERSONAL EMOLUMENTS AND RATES ARE MORE OR LESS IDENTICAL WITH LAST YEAR'S FIGURES, BUT THE EXPENDITURE BUDGET FOR 1992/93 ON MAINTENANCE AND IMPROVEMENT HAS BEEN INCREASED BY $326 MILLION TO ABOUT $1.4 BILLION.

"THE BUDGET ALSO INCLUDES AN ELEMENT OF REINSTATEMENT PRO- GRAMMES CURTAILED IN RECENT YEARS INCLUDING PLANNED BUILDING MAINTENANCE OF LONGER LIFE BUILDINGS, REDECORATION AND ELECTRICAL REINFORCEMENT.

"IMPROVEMENTS INCLUDE EXPANDED PROGRAMMES FOR IMPROVEMENT COMMERCIAL COMPLEXES AND LIFT MODERNIZATION PROGRAMME," HE SAID.

OF

TURNING TO THE HOME OWNERSHIP AND PRIVATE SECTOR PARTICIPATION SCHEMES, THE SPOKESMAN SAID THE TOTAL SALES PROCEEDS FOR THE YEAR WERE BUDGETED TO AMOUNT TO $6.1 BILLION.

A

ON THE CAPITAL BUDGET FOR 1992/93, THE COMMITTEE NOTED THAT TOTAL OF $9.5 BILLION WOULD BE SPENT $5.79 BILLION OF WHICH WOULD BE EXPENDITURE ON RENTAL PUBLIC HOUSING.

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THE PRODUCTION OF FLATS IN 1992/93 IS EXPECTED TO TOTAL 38 705, OF WHICH 23 163 ARE RENTAL UNITS, 3 312 SALE FLATS WITH RENTAL BLOCK DESIGN, 8 390 HOME OWNERSHIP SCHEME FLATS AND 3 840 PRIVATE PARTICIPATION SCHEME UNITS.

SECTOR

/THE SPOKESMAN.