Estimates-1967 — Page 239

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The high 1965-66 revised figure for Interest is due to higher initial balances than were an- ticipated and higher yields from those balances, partially consequent upon some changes in their composition. The revised Buildings and furniture figure includes an abnormal item of $3,780,054 for 3 years rent in respect of buildings at Kai Tak Airport while the 1966-67 estimate anticipates more rent from properties on lease. The increase of $10,600,000 in Resettlement Rents for 1966-67 assumes a uniform rate of expansion in the accommodation becoming available during the year. The 1965-66 estimate for advances on Resettlement Accommodation was only a token figure.

Estimate 1966-67

Revised estimate 1965-66

Approved estimate 1965-66

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HEAD 12 - LAND SALES

$ 67,481,000

65,590,000

191,550,000

132,976,109

Actual revenue 1964-65

The short-fall in revenue in both the revised estimate for 1965-66 and the estimate for 1966-67 as compared with the approved 1965-66 estimate is due to a recession in land and property dealings.

Head 84.

HEAD 13 — WORLD REFUGEE YEAR GRANTS

Estimate 1966-67

Revised estimate 1965-66

Approved estimate 1965-66

Actual revenue 1964-65

$ 486,000

2,429,000

1,475,000

1,239,115

These receipts represent reimbursements of expenditure on the projects set out in Expenditure

HEAD 14 — CONTRIBUTIONS TOWARDS PROJECTS

Estimate 1966-67

Revised estimate 1965-66

Approved estimate 1965-66

$8,629,000

4,221,000

4,275,000

3,825,443

Actual revenue 1964-65

The receipts under this Head represent donations towards expenditure on the works listed.

COLONIAL DEVELOPMENT AND WELFARE GRANTS

Estimate 1966-67

Revised estimate 1965-66

Approved estimate 1965-66

Actual revenue 1964-65

$

586,000

168,000

1,358,984

The receipts under this Head represent proportionate re-imbursement of expenditure on the schemes concerned. The grants will be fully utilized in 1965-66. No provision therefore is made for 1966-67.