Estimates-1967 — Page 272

270

1. Capital Reserves

II. Sinking Fund:

BALANCE SHEET OF

AS AT 31ST

LIABILITIES

$

$

69

113,000,000

In hand at 1.4.64

68,387,632

Contributions & interest for the year

8.529.336

76,916,968

III. Advance Account:

Accumulated advances as at 1.4.64 (note 3)

634,024,206

Advances during the year

176,303,258

810,327,464

$1,000,244,432

This balance sheet is a notional one showing the Capital Assets and Liabilities as they would be shown if capital expenditure had been financed by advances from Government, by surpluses earned on operations, and by funds provided by the Sinking Funds; and if those capital expenditures and the revaluations as at 1st April, 1952 were to be amortized by the establishment of Sinking Funds.

For this purpose it is assumed that the Dams, etc. revalued as at 1st April, 1952, and the capital expenditures on the Tai Lam Chung Scheme and the Shek Pik Scheme are to be amortized over 50 years, and that the expenditure on items 1, 2 & 3 of the assets acquired since 1st April, 1952, are to be amortized over 25 years. No provision is made as yet for amortization of expenditure on the Plover Cove Scheme. The value of land occupied is not included except that, where it has been resumed, it is included in the capital cost of a scheme.

NOTE 1:

Meters Capitalized includes an adjustment of $288,204 in respect of water meters over-capitalized in 1963-64.

NOTE 2:

Accumulated Surplus as at 1.4.64 increased as a result of the following adjustments:

Meter replacements over-charged in 1963-64

Accrued water revenue-1963-64

$ 595,796 1,464,000

$2,059,796

NOTE 3:

Accumulated Advances as at 1.4.64 reduced as a result of the following adjustments:

Meter replacements over-charged in 1963-64

Water meters over-capitalized in 1963-64 Accrued water revenue-1963-64

$ 595.796 288,204 1,464,000

$2,348,000