TNAG-0453-FCO40-518-Budget-of-Hong-Kong-1974-1975-1975 — Page 42

RUCAVED

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19 JUL 974

FRICKS

D./:0

12/2/24

27

$439 M. DEFICIT RECORDED IN MARCH

BUT 1973/74 ACCOUNTS STILL SHOW SURPLUS OF $72 M. ******

THE HONG KONG GOVERNMENT ACCOUNTS FOR THE MONTH OF MARCH 1974 SHOW A DEFICIT OF $439HILLION COMPARED WITH A DEFICIT OF $440 MILLION IN MARCH LAST YEAR.

TOTAL REVENUE FOR THE MONTH AT $471 MILLION WAS $28 MILLION LESS THAN IN MARCH 1973. THE TOTAL REVENUE FOR THE FINANCIAL YEAR 1973-1974 AT $5,241 MILLION WAS $305 MILLION MORE THAN 1972-73. IT IS $35 MILLION LESS THAN THE REVISED ESTIMATE SHOWN IN THE ESTIMATES OF REVENUE AND EXPENDITURE FOR THE YEAR ENDING MARCH 31, 1975, LARGELY AS A RESULT OF LESS LAND EEING PUT UP FOR SALE THAN WAS ANTICIPATED WHEN THE REVISED ESTIMATE VAS PREPARED.

TOTAL EXPENDITURE FOR THE MONTH AMOUNTED TO $909 MILLION, WHICH INCLUDED $300 MILLION TOWARDS THE COVERNMENT'S CONTRIBUTION TO THE EQUITY OF THE MASS TRANSIT RAILWAY CORPORATION.

THE TOTAL EXPENDITURE FOR THE FINANCIAL YEAR 1973-74 WAS $5,169 MILLION $870 MILLION MORE THAN 1972-73. ESTIMATE OF EXPENDITURE INCLUDED IN THE ESTIMATES OF REVENUE AND

THE REVISED EXPENDITURE FOR THE YEAR ENDING MARCH 31, 1975 WAS $4,333 MILLION TO WHICH SHOULD BE ADDED THE $300 MILLION TRANSFERRED TO THE HASS TRANSIT FUND TO GIVE A TOTAL OF $5,133 MILLION.

THE $36 MILLION BY WHICH ACTUAL EXPENDITURE HAS THUS EXCEEDED THE REVISED ESTIMATE IS LARGELY ACCOUNTED FOR CY A SLIGHTLY HIGHER RATE OF EXPENDITURE IN THE PUBLIC WORKS PROGRAMME THAN WAS EXPECTED WHEN THE ESTIMATES WERE PREPARED.

AS A RESULT OF REVENUE BEING SLIGHTLY LOVER THAN THE REVISED ESTIMATE AND EXPENDITURE DEING SLIGHTLY HIGHER, THE SURPLUS FOR THE FINANCIAL YEAR 1973-74 IS $72 11ILLION COMPARED WITH $537 MILLION FOR 1972-73 AND THE REVISED ESTIMATE OF $143 MILLION IN THE ESTIMATES OF EXPENDITURE FOR THE YEAR ENDING MARCH 31, 1975 AFTER ALLOWING FOR THE TRANSFER TO THE MASS TRANSIT FUND.