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Members will note that the Director of Audit's Certificate on the Statements is not qualified by any observation on the manner in which the Council's accounts have been kept and rendered.
In accordance with Section 40(4) of the Urban Council Ordinance, one copy of the audited statements will be forwarded to His Excellency the Governor forthwith.
I so move.
Mr. Eric Wong Chung-ki (in Cantonese):—In rising to second the motion, I am pleased to report that the financial accounts which showed a surplus of $455 million for the year ended 31 March 1996 have been certified as correct by the Director of Audit. Full details and comments were provided to Members on 2 July 1996 at the Standing Committee of the Whole Council.
Based on the 1996/97 to 2000/2001 Five Year Forecast which was placed before Members on 3 September 1996, a deficit of $102 million was forecast for the current financial year. Should this deficit be realised, the Council's reserves would be reduced to $2.88 billion which is equivalent to about 21 weeks' expenditure at current price levels. Thus, the Council's financial position still appears reasonably healthy in the foreseeable future.
Mr. Chairman, with these words, I second the motion.
The question was put.
The motion was carried unanimously.
(2) MR. IP KWOK-CHUNG, VICE-CHAIRMAN, URBAN COUNCIL, moved the following motion:
RESOLVED that the Urban Council Annual Report 1995-96 be approved.'
He said (in Cantonese):—I rise to move the motion standing in my name. It is a pleasure to introduce the Tabling of the Council's Annual Report 1995/96. The year 1995/96 began a new chapter in the 113-year history of the Urban Council with the entire membership being made up of directly and indirectly elected Members to better serve the interests of the community. Also, for the first time, an editorial team led by several Councillors was set up to introduce a number of improvements which will be immediately obvious to past readers of our Annual Report. I would like to take this opportunity to thank Mr. Chan Choi-hi, Chairman of the editorial board and his team members for these improvements, and otherwise for their stewardship of this important record of another year's highly productive work by this Council. I am indeed grateful,
Page 232 of 498
Page 232 of 498
Page 232 of 498
HONG KONG URBAN COUNCIL
227
Members will note that the Director of Audit's Certificate on the Statements is not qualified by any observation on the manner in which the Council's accounts have been kept and rendered.
In accordance with Section 40(4) of the Urban Council Ordinance, one copy of the audited statements will be forwarded to His Excellency the Governor forthwith.
I so move.
Mr. Eric Wong Chung-ki (în Cantonese):—In rising to second the motion, I am pleased to report that the financial accounts which showed a surplus of $455 million for the year ended 31 March 1996 have been certified as correct by the Director of Audit. Full details and comments were provided to Members on 2 July 1996 at the Standing Committee of the Whole Council.
Based on the 1996/97 to 2000/2001 Five Year Forecast which was placed before Members on 3 September 1996, a deficit of $102 million was forecast for the current financial year. Should this deficit be realised, the Council's reserves would be reduced to $2.88 billion which is equivalent to about 21 weeks' expenditure at current price levels. Thus, the Council's financial position still appears reasonably healthy in the foreseeable future.
Mr. Chairman, with these words, I second the motion.
The question was put.
The motion was carried unanimously.
(2) MR. IP KWOK-CHUNG, VICE-CHAIRMAN, URBAN COUNCIL, moved the following motion:
RESOLVED that the Urban Council Annual Report 1995-96 be approved.'
He said (in Cantonese):—I rise to move the motion standing in my name. It is a pleasure to introduce the Tabling of the Council's Annual Report 1995/96. The year 1995/96 began a new chapter in the 113-year history of the Urban Council with the entire membership being made up of directly and indirectly elected Members to better serve the interests of the community. Also, for the first time, an editorial team led by several Councillors was set up to introduce a number of improvements which will be immediately obvious to past readers of our Annual Report. I would like to take this opportunity to thank Mr. Chan Choi-hi, Chairman of the editorial board and his team members for these improvements, and otherwise for their stewardship of this important record of another year's highly productive work by this Council. I am indeed grateful,
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Page 232 of 498
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