Liabilities:
Deposits ... Special Funds Suspense ...
Mass Transit Fund
Decrease in Liabilities
:
Increase in Assets over Liabilities
($ million) 31.3.75
($ million) 31.3.76
($ million) Difference
He
Of
228.445
0.181
256.505
+ 28.060
firs
0.319
+ 0.138
24.140
600.000
450.000
+ 24.140 - 150.000
reg
in 1
tax
$
97.662m.
fro
reci
$ 288.302m.
There was an increase in the total value of assets as compared with the previous year and some change in their make up. Cash and short notice and time deposits as a proportion of the total assets increased from 67% to 75%. Over the same period investments as a proportion of total assets decreased from 31% to 23%. The decrease in liabilities arose mainly because of payments totalling $150 million which were made to the Mass Transit Railway Corporation from the Mass Transit Fund. The balance at the 31st March, 1976 of this fund, which was established by a Resolution of the Legislative Council on 14th March, 1973, stands at $450 million.
REVENUE
6.
Total revenue exceeded the original estimate by $335,529,700 (5.43%). In the following table the original and revised estimates of revenue are compared with actual revenue:
Head of Revenue
1. Duties
Franchises
2. Rates
3. Internal Revenue
4. Motor Vehicle Taxes
5. Fines, Forfeitures and Penalties
6.
7.
Licences
Original
Revised Estimate
Estimate $
$
555,100,000 549,800,000 536,900,000 531,000,000 2,768,800,000 2,719,000,000
Actual Revenue $
558,295,868 + 3,195,868 0.57 534,436,089 2,463,911 0.46
Excess or Shortfall on Original Estimate
Original
%
In
on
to 1
in
app
28,000,000
36,000,000
51,700,000
50,590,000
193,100,000
190,098,000
2,896,428,447 +127,628,447 4.61 48,752,522 + 20,752,522 74.12 54,720,760 + 3,020,760 5.84 192,387,756
unt
pre
to
12.
Postal Services
13. Airport and Air Services
14.
15.
16.
Kowloon-Canton Railway
Reimbursements
Contributions towards Projects
8. Fees and Receipts
9. Revenue from Properties and Investments
10. Land Sales
11. Water...
436,230,000 405,746,000 356,600,000 326,700,000 208,400,000 209,049,000 218,500,000 238,200,000 235,900,000 207,550,000
31,250,000 161,440,000
49,130,000 352,960,000
52,131,000
335,447,000
www
712,244 0.37 50,973,727 + 1,843,727 3.75 338,996,380 13,963,620 3.96 411,483,333 24,746,667 5.67 345,929,962 10,670,038 2.99 187,270,997 21,129,003 10.14 250,445,059 + 31,945,059 14.62
cas
fall
thr
esti
exe
tax
218,464,062 17,435,938 7.39
the
33,590,000 130,367,000
34,565,786 + 3,315,786 10.61 132,428,001 29,011,999 17.97
Th
ant
ass
17. Loans ...
18.
Grants
262,674,000 1,419,000
262,541,951
+262,541,951
1,419,000 + 1,419,000
par
to
6,184,010,000 6,279,361,000 6,519,539,700 +335,529,700
per
7.
Excesses and shortfalls are shown in detail in Statement 3. The major variations from estimates were:
He
Of
sig
Head 1-Duties
Four of the five subheads produced more revenue than expected and one, 'Imported tobacco' produced less. The major variations were in duties on 'Imported intoxicating liquor' ($18,275,456 or 12.2%), 'Imported liquor other than intoxicating liquor' ($441,010 or 15.8%) and ‘Locally manufactured liquor' ($2,729,598 or 11.1%) which all yielded more than estimated partly due to an increase in duty rates with effect from 3rd December, 1975 and partly due to an increase in sales to consumers.
Head 2-Rates
There were no major variations under this Head. The subhead for Kowloon (including New Kowloon) produced $3,233,770 or 1.2% less than anticipated and the subhead for New Territories also produced slightly less ($946,004 or 1.3%) than anticipated. There was a relatively minor excess of $1,715,868 or 0.9% under the subhead for Hong Kong.
inc
pri
He
Th
the
COI
als
bel
sch
2
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