TNAG-1641-FCO40-2288-Budget-of-Hong-Kong-1987 — Page 80

Appendix A(6)

MASS TRANSIT FUND

Background

The Mass Transit Fund was established on 28 March 1973 by Resolution of the Legislative Council to finance the purchase by Government of equity in the proposed mass transit railway system. This was replaced by a further Resolution passed by the Legislative Council on 27 July 1983.

OPENING BALANCE

Payments Purchase of Equity in MTRC in order to

Summary

Actual

Revised Estimate

Estimate

1982-83

1983-84

1984-85

1985-86

1986-87

1987-88

Smn

Smn

Smn

Smn

Smn

$mn

411

38

2

345

525

1,054

finance:

Rates

Land premia

26

347

General financing needs

1 2

76

55

51

56

102

10

192

1,500

1,000

Deficit before Transfer from GRA

(373)

(76)

(65)

(1,743)

(56)

(1,102)

Transfer from GRA

40

408

1,923

585

500

Surplus/(Deficit) after Transfer from GRA

(373)

(36)

343

180

529

(602)

CLOSING BALANCE

38

2

345

525

1,054

452

17