XN000022-1996-07-05 — Page 26

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Final accounts for 1995-96 published

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The Government's final accounts for the financial year 1995-96, which ended on March 31 were published today (Friday) in the Gazette.

Total expenditure for the year was $183.1 billion, almost exactly in line with the revised estimate of $183.2 billion given in the 1996 Budget Speech. Total revenue was $180 billion against a revised estimate of $180.7 billion. As a result, the overall deficit for 1995-96 was $3.1 billion.

A government spokesman said: "The shortfall in revenue of $0.7 billion, or 0.4%, was made up of a number of pluses and minuses.

"Receipts from earnings and profits tax and from fees and charges were lower than anticipated in the first quarter of 1996.

"This was offset, in part, by higher than anticipated receipts from stamp duty following the increased activity in both the stock and property markets in the same period."

The spokesman pointed out that the Government had drawn on the reserves in 1995-96 when investment in the Airport Core Programme was at a peak and as a result the total fiscal reserves amounted to $147.9 billion as at March 31.

End

Government response to Manpower Panel Enquiry Report

The Secretary for Education and Manpower, Mr Joseph W P Wong, issued the following statement in response to the report published by the Panel on Manpower of the Legislative Council this (Friday) morning on 'Enquiry into the circumstances surrounding the labour disputes involving imported workers under the Special Labour Importation Scheme for the Airport Core Programme Projects (ACP) and related issues':

"I received a copy of the Report this morning and would need time to study it carefully before giving a considered response on its findings and recommendations.