XN000022-1994-06-03 — Page 5

FRIDAY, JUNE 3, 1994

COUNCIL AND

THE BILL PROVIDES FOR THE HRADC TO RECEIVE SUBVENTION FROM GOVERNMENT THROUGH FUNDS APPROPRIATED BY THE LEGISLATIVE ALSO ALLOWS THE HEADC TO RECEIVE INCOME FROM OTHER SOURCES INCLUDING GIFTS, DONATIONS, FEES AND RETURNS ON INVESTMENTS.

AND ΤΟ BORROW,

IT ALSO ALLOWS THE HKADC TO MAKE INVESTMENTS SUBJECT TO THE APPROVAL OF THE FINANCIAL SECRETARY, THE SPOKESMAN NOTED.

AND THE ARTS THE HRADC

THE LEGISLATIVE COUNCIL, THE MUNICIPAL COUNCILS COMMUNITY HAD BEEN CONSULTED ON THE PROPOSAL TO ESTABLISH AS A STATUTORY BODY.

IN ADDITION, THE HKADC HAD BEEN CONSULTED ON THE DRAFT BILL AND ITS COMMENTS HAD BEEN TAKEN INTO ACCOUNT IN FINALISING THE BILL.

AS REGARDS FUNDING, THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL HAD ALREADY APPROVED IN MARCH OF THIS YEAR A CAPITAL GRANT OF $100 MILLION IN SEED MONEY TO ENABLE THE HRADC ΤΟ DISCHARGE ITS FUNCTIONS.

THE SPOKESMAN SAID UPON THE ESTABLISHMENT OF THE HKADC AS A STATUTORY BODY, THE REMAINING BALANCE OF THIS $100 MILLION SEED MONEY GRANT TOGETHER WITH ANY INTEREST EARNED IN 'T'HE INTERIM, WOULD ВЕ TRANSFERRED EN BLOC TO IT.

"THE SECRETARY FOR RECREATION AND CULTURE ALSO INTENDS CHANNEL THE ANNUAL RECURRENT SUBVENTION FOR ARTS ACTIVITIES ($40.2 MILLION IN 1994/95) TO THE HKADC FOR ITS DIRECT DISBURSEMENT AND ΤΟ REDEPLOY SOME OF THE SAVINGS FROM WITHIN HIS POLICY AREAS FOR FUNDING THE HKADC'S EXPENSES, INCLUDING THOSE OF ITS INDEPENDENT SECRETARIAT.

It

'THE SECRETARY FOR RECREATION AND CULTURE ALREADY SEEKS THE HKADC'S ADVICE ON DISBURSEMENT OF GRANTS FROM THESE SOURCES AS WELL AS ON USE OF THE $30 MILLION ARTS DEVELOPMENT FUND UNDER THE SIR DAVID TRENCH FUND THAT WAS APPROVED BY THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL IN MAY 1993,' HE NOTED.

It

IN HIS POLICY ADDRESS TO THE LEGISLATIVE COUNCIL LAST YEAR, THE GOVERNOR HAD ANNOUNCED THE DECISION TO MOVE FORWARD TOWARDS THE SETTING UP OF THE HRADC AS A NEW STATUTORY BODY AND TO GRANT IT $100 MILLION IN SEED MONEY.

THROUGH APPROVING THE $100 MILLION GRANT AND INTRODUCING THE HKADC BILL INTO THE LEGISLATIVE COUNCIL WITHIN NINE MONTHS OF THE GOVERNOR'S ADDRESS, THE GOVERNMENT HAS MET ITS COMMITMENTS IN THIS REGARD AHEAD OF SCHEDULE. IT JS HOPED THAT THE BILL WILL BE PROCESSED IN TIME FOR ENACTMENT BY APRIL 1995.

DEALING PREPARATION DEVELOPMENT

"MEANWHILE, THE HKADC AND ITS COMMITTEES ARE ALREADY WITH ONGOING BUSINESS AND WORKING HARD ON FORMULATION AND OF THE HKADC'S STRATEGIC PLANS AND BUDGETS TO FURTHER THE OF THE ARTS, THE SPOKESMAN SAID.

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