TNAG-1611-FCO40-2214-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 50

l.c.

per

to fix

the

The Bill therefore proposes percentage of the proceeds payable to the lub for its

cent operating expenses at 7.5%. This takes into account the

ten

per cent actual average cost of 7.88% of the proceeds for the

years ending June 1986. The consequential share for the

per

per

two

cent Lotteries Fund will be 3.5%. This figure compares favourably with the share for the last 2 years which was

cent 2.42% and 2.96% respectively.

l.c.

To provide a degree of stability to the proposed arrangements, any change to the percentages allocated for operating costs and to the Fund should be subject to a resolution by this Council. While the Jockey Club would be encouraged to review the cost percentage periodically, we do not, however, envisage any change to the percentages within the first three years of its introduction.

Sir

The Lotteries Board and the Jockey Club have l.c. given their support to the proposals The Board has also

given an assurance that it has no plans to increase the unit price of a Mark Six entry for the next three years.

If the Bill is approved by Members, the fixed percentage rates shall have retrospective effect from 1 July 1986. The Lotteries Board has estimated that the Lotteries Fund will benefit from an additional allocation l.c. of $27 million in respect of the Club's 1986/87 financial

year.

adjourned.

on

Sir, I move that the debate of this motion be

Motion made. That the debate on the Second Reading of the Bill be adjourned.

Question put and agreed to.