TNAG-0622-FCO40-770-Budget-of-Hong-Kong-1977 — Page 2

our fiscal reserves at 1st April 1977 at $3,713 million instead of the $3,660 million I assumed in the preparation of the 1977-78 budget. The difference of $53 million represents only 0.32% of total estimated turnover in 1977-78 of $16,500

million. Put another way our fiscal reserves at the beginning of this financial year, after setting aside $2,500 million to secure our contingent liabilities, are still less than 15% of estimated expenditure this financial year. So the actual outturn for 1976-77 has no implications for budgetary

policy in 1977-78.