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That being the case, a practice of overly conservative revenue
estimate, when carried out as a matter of course, would, in the long run render the overall development of the community incompatible with the state of the economy of the territory.
Therefore while I
to totally subscribe the philosophy of
spending within one's own means, I am bound to say that unrealistically conservative revenue estimates must be avoided
in order to allow the social development, through public
spending, to be commensurate with the economic development.
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11 If a conservative approach in budget estimates must be continued on account of the open nature of our economy which
is subject to direct influences from the outside, perhaps a
that mid-year budget revision exercise should be adopted so some badly needed community development policies or projects,
which were left out in the original estimates could reconsidered for implementation in the light of the mid-year growth of the economy. And the concept of cash-limit should not be held so rigidly.<
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NP
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•
additional
>
be
source of
Alternatively, part of the surplus of the previous year could
be transferred to the next year as an income designated for specific purposes.
[Take
Take for instance,
have in 1987, which
24 the huge surplus of over $10 billion we
25 has been termed "embarrassing" by the press. I agree that
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it is embarrassing when compared with the original projected
figure.
I hope that a part of this huge surplus could be set
aside for specific projects designed to bridge the gaps which
Ө exist in the ongoing development of our community.
These gaps
are normally of such nature that they cannot be closed by the incremental funding provision.
NP 33 [For example,
there is a
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well recognized gap between present research strength in science and technology and the need for advanced technology in our industrial development.
very substantial injection of research funds will be necessary
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