TNAG-1362-FCO40-1808-Hong-Kong-Hansard-reports-and-minutes-of-the-meetings-of-the-1985 — Page 209

Sir,

SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL : THURSDAY 18 APRIL 1985

It is a requirement of Annex III to the Joint Declaration on the future of Hong Kong that premium income from land transactions should be paid directly into the Capital Works Reserve Fund instead of being passed through general revenue as at present. The Public Finance (Amendment) Bill 1985 seeks to amend the principal Ordinance under which the Capital Works Reserve Fund is established in order to enable this Council to specify by resolution that certain moneys shall be credited directly to a fund without the need

for appropriation.

On enactment of the bill, I intend to move a

resolution under the amended section 29 that will cause land

revenue to be paid directly into the Capital Works Reserve Fund. Such moneys will be deemed to be appropriated. For the avoidance of doubt, the provisions of the bill will extend to resolutions already passed that specify the crediting of certain moneys directly to funds.

Sir, I beg to move.