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PROVISIONAL URBAN COUNCIL
335
I understand the Chairman of the Finance Select Committee, Mr. Chiang Sai-cheong, will second this motion. I shall therefore leave it to him to spell out the more salient points contained in the budget.
Councillors, I now formally move the motion standing in my name.
MR. CHIANG Sai-Cheong, Chairman of the Finance Select Committee (in Cantonese):- Mr. Chairman,
I rise to second the motion proposing the adoption of the Estimates of Revenue and Expenditure 1999/2000.
As shown in the Estimates discussed at the Standing Committee meeting on 5 January 1999, there will be more than 20 new PUC venues and facilities due for commissioning in the coming year including the Central Library, 2 museums, 4 new markets, 13 new recreational facilities, indoor games halls etc. And for continuous improvement of our community services to the general public, the Council's expenditure has increased from $7.2 billion in 1997/98 to an estimated $8.3 billion in the financial year ending 31 March 1999, and further increase to an estimated $9.8 billion for the next financial year 1999/2000.
According to our current estimation, there will be a projected deficit of about $2.2 billion in the 1999/2000 financial year. This will reduce the Council's reserves to an estimated $0.1 billion at the end of 1999/2000.
Because of the projected shortfall in Rates revenue and the reduction in Council's other income due to economic downturn, the Council and the Department have made strenuous effort in containing the 1999/2000 expenditure, in particular in trimming down the funding on personal emoluments and restraining the creation of new posts, in order to eliminate the projected deficit of $340 million in the reserves by March 2000. As a result, the Council has been able to comply with the principle of prudent financial management and to provide funding for its relatively big expenditure requirements in 1999/2000 within the decreasing revenue and reserves fund balances.
Despite the above success in containing expenditure, the Council will continue to employ the most prudent measures in the coming year in managing its finance, and to ensure, as always, that in everything we undertake, our prime consideration will be service to the public, value for money, and cost effectiveness.
With these remarks, Mr. Chairman, I second the motion.
The question was put to the vote.
The motion was carried unanimously.
Page 347 of 606
Page 347 of 606
Page 347 of 606
Page 347 of 606
PROVISIONAL URBAN COUNCIL
335
I understand the Chairman of the Finance Select Committee. Mr. Chiang Sai-cheong, will second this motion. I shall therefore leave it to him to spell out the more salient points contained in the budget.
Councillors, I now formally move the motion standing in my name.
MR. CHIANG Sai-Cheong, Chairman of the Finance Select Committee (in Cantonesc):-Mr. Chairman,
I rise to second the motion proposing the adoption of the Estimates of Revenue and Expenditure 1999/2000.
As shown in the Estimates discussed at the Standing Committee meeting on 5 January 1999, there will be more than 20 new PUC venues and facilities due for commissioning in the coming year including the Central Library, 2 museums, 4 new markets, 13 new recreational facilities, indoor games halls etc. And for continuous improvement of our community services to the general public, the Council's expenditure has increased from $7.2 billion in 1997/98 to an estimated $8.3 billion in the financial year ending 31 March 1999, and further increase to an estimated $9.8 billion for the next financial year
1999/2000.
According to our current estimation, there will be a projected deficit of about $2.2 billion in the 1999/2000 financial year. This will reduce the Council's reserves to an estimated $0.1 billion at the end of 1999/2000.
Because of the projected shortfall in Rates revenue and the reduction in Council's other income due to economic downturn, the Council and the Department have made strenuous effort in containing the 1999/2000 expenditure, in particular in trimming down the funding on personal emoluments and restraining the creation of new posts, in order to eliminate the projected deficit of $340 million in the reserves by March 2000. As a result, the Council has been able to comply with the principle of prudent financial management and to provide funding for its relatively big expenditure requirements in 1999/2000 within the decreasing revenue and reserves sund balances.
Despite the above success in containing expenditure, the Council will continue to employ the most prudent measures in the coming year in managing its finance, and to ensure, as always, that in everything we undertake, our prime consideration will be service to the public, value for money, and cost effectiveness.
With these remarks, Mr. Chairman, I second the motion.
The question was put to the vote.
The motion was carried unanimously.
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Page 347 of 606
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