Capital Works Reserve Fund Receipts
HK$ bn
1992/93 MRF
1991/2 MRF
1991/2
9.1
6.4
1992/3
9.5
7.1
1993/4
7.5
7.8
1994/5
7.9
8.7
1995/6
8.2
1996/7
8.6
total
1992/3-1996/7 41.7
9. In total the MRF assumes HKG land revenues to the value of HK$ 41.7 bn over the period to 1997. Given that we do not know the assumptions that are used
are used to derive these figures it is impossible to
to estimate the downside risk to these revenue figures. Key information would be the planned hectarage of land sales and the price assumptions.
Current Expenditure Overruns
10. Current expenditure is forecast to grow in real terms around 5 per cent per annum, the same rate as the economy as a whole. It should be noted however that government employment is frozen at 1992/93 levels for the period to 1997.
PADS Cost Overruns
11. It is difficult to comment sensibly on future PADS risks without detailed information on the costs and financing of PADS and evaluating to what extent they have been incorporated into For this we have to await the Airport Financial Plan scheduled to be presented to
to ExCo on 17
17 March. The Airport Master Plan (Executive Summary) contains no information on either costings or financing. The current MRF is not explicit about the detailed assumptions for components of revenue and expenditure.
12. HKG PADS related expenditures fall under two headings a) equity finance for the PAA and MTRC in the Capital Investment Fund and b) approved projects in the Capital Works reserve fund.
13. The existing commitment to the PAA is HK$ 7.3 bn (Advance to PAA) for planning and construction of the new airport with HK$ 4.8 bn budgetted for 1992/93. For MTRC an additional HK$ 3 bn of authorised capital is available under current authorisations. In addition there may be a requirement for a further HK$ 7.6 bn
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