Total Government Revenue and Expenditure and
Summary of Financial Position |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
$ Million |
 |
|
Revenue |
 |
 |
|
Actual
1997–1998 |
|
Actual
2001–2002 |
Revised
Estimate
2002–2003 |
|
 |
|
|
|
|
|
|
|
Operating Revenue |
|
|
|
|
|
|
|
Direct taxes |
|
|
|
|
|
|
|
|
Earnings and profits
tax(1) |
91,524 |
|
77,749 |
|
71,400 |
|
|
Indirect taxes |
|
|
|
|
|
|
|
|
Duties |
8,465 |
|
6,981 |
|
6,593 |
|
|
|
General rates |
6,258 |
|
12,727 |
|
8,832 |
|
|
|
Internal revenues(2) |
44,263 |
|
21,077 |
|
19,380 |
|
|
|
Motor vehicle taxes |
4,246 |
|
2,676 |
|
2,605 |
|
|
|
Royalties and concessions |
1,889 |
|
1,881 |
|
1,728 |
|
|
Other revenue |
|
|
|
|
|
|
|
|
Fines, forfeitures
and penalties |
1,566 |
|
926 |
|
817 |
|
|
|
Properties and investments |
7,159 |
|
8,621 |
|
7,962 |
|
|
|
Reimbursements and
contributions |
6,042 |
|
4,154 |
|
3,963 |
|
|
|
Utilities— |
|
|
|
|
|
|
|
|
|
Airport and air
services |
3,968 |
|
— |
|
— |
|
|
|
|
Ferry terminals |
264 |
|
206 |
|
216 |
|
|
|
|
Postal services |
53 |
|
— |
|
— |
|
|
|
|
Water |
2,450 |
|
2,471 |
|
1,471 |
|
|
|
|
Sewage services |
— |
|
689 |
|
393 |
|
|
|
Fees and charges |
11,279 |
|
10,916 |
|
9,699 |
|
|
Interest |
8,976 |
|
225 |
|
2,681 |
|
|
Land Fund—Investment
income |
6,006 |
|
106 |
|
11,911 |
|
 |
 |
 |
 |
 |
 |
 |
|
Total Operating
Revenue |
204,408 |
|
151,405 |
|
149,651 |
|
 |
 |
 |
 |
 |
 |
 |
Capital Revenue |
|
|
|
|
|
|
|
Indirect taxes |
|
|
|
|
|
|
|
|
Estate duty |
1,588 |
|
1,928 |
|
1,500 |
|
|
|
Taxi concessions |
23 |
|
— |
|
— |
|
|
Other revenue |
20,128 |
|
3,312 |
|
3,504 |
|
|
Funds |
|
|
|
|
|
|
|
|
Capital Works Reserve
Fund (Land sales and interest) |
48,067 |
|
10,683 |
|
11,792 |
|
|
|
Capital Investment
Fund |
3,888 |
|
2,816 |
|
2,425 |
|
|
|
Civil Service Pension
Reserve Fund |
647 |
|
5 |
|
564 |
|
|
|
Disaster Relief
Fund |
2 |
|
1 |
|
— |
|
|
|
Innovation and Technology
Fund |
— |
|
27 |
|
230 |
|
|
|
Loan Fund |
2,475 |
|
5,382 |
|
3,679 |
|
 |
 |
 |
 |
 |
 |
 |
|
Total Capital Revenue |
76,818 |
|
24,154 |
|
23,694 |
|
 |
 |
 |
 |
 |
 |
 |
Total Government
Revenue |
281,226 |
|
175,559 |
|
173,345 |
|
 |
 |
 |
 |
 |
 |
 |
|
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
$ Million |
 |
|
Expenditure |
 |
 |
|
Actual
1997–1998 |
|
Actual
2001–2002 |
Revised
Estimate
2002–2003 |
|
 |
|
|
|
|
|
|
|
Operating Expenditure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurrent expenditure |
|
|
|
|
|
|
|
|
Personal emoluments |
40,114 |
|
51,909 |
|
51,334 |
|
|
|
Personnel related
expenses |
4,345 |
|
4,870 |
|
4,863 |
|
|
|
Pensions |
9,272 |
|
12,899 |
|
12,229 |
|
|
|
Departmental expenses |
8,067 |
|
14,366 |
|
16,306 |
|
|
|
Other charges |
24,139 |
|
31,328 |
|
34,406 |
|
|
|
Subventions— |
|
|
|
|
|
|
|
|
|
Education |
18,877 |
|
25,137 |
|
25,996 |
|
|
|
|
Medical |
24,039 |
|
29,546 |
|
29,688 |
|
|
|
|
Social welfare |
4,598 |
|
6,960 |
|
6,891 |
|
|
|
|
University and Polytechnic |
11,792 |
|
13,258 |
|
13,186 |
|
|
|
|
Vocational Training
Council |
1,806 |
|
2,067 |
|
2,005 |
|
|
|
|
Miscellaneous |
2,337 |
|
3,252 |
|
3,423 |
|
|
Other non-recurrent |
11,180 |
|
3,151 |
|
2,283 |
|
 |
 |
 |
 |
 |
 |
 |
|
Total Operating
Expenditure |
160,566 |
|
198,743 |
|
202,610 |
|
 |
 |
 |
 |
 |
 |
 |
|
|
|
|
|
|
|
|
|
Capital Expenditure |
|
|
|
|
|
|
|
General Revenue
Account |
|
|
|
|
|
|
 |
|
Plant, equipment
and works |
852 |
 |
984 |
 |
1,083 |
 |
|
|
Capital subventions |
1,065 |
|
960 |
|
965 |
|
 |
Funds |
|
 |
|
 |
|
 |
|
|
Capital Works Reserve
Fund |
28,772 |
|
30,330 |
|
32,269 |
|
|
|
Disaster Relief
Fund |
38 |
|
8 |
|
12 |
|
|
|
Innovation and Technology
Fund |
— |
|
283 |
|
330 |
|
|
|
Loan Fund |
2,948 |
|
7,277 |
|
3,136 |
|
 |
 |
 |
 |
 |
 |
 |
|
Total Capital Expenditure |
33,675 |
|
39,842 |
|
37,795 |
|
 |
 |
 |
 |
 |
 |
 |
Total Government
Expenditure |
194,241 |
|
238,585 |
|
240,405 |
|
Equity Investments
(Capital Investment Fund) |
119 |
|
305 |
|
2,985 |
|
 |
 |
 |
 |
 |
 |
 |
Total Government
Expenditure and Equity Investments |
194,360 |
|
238,890 |
|
243,390 |
|
 |
 |
 |
 |
 |
 |
 |
|
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
$ Million |
 |
|
Summary
of Financial Position |
 |
 |
|
Actual
1997–1998 |
|
Actual
2001–2002 |
Revised
Estimate
2002–2003 |
|
 |
|
|
|
|
|
|
|
Total Government
Revenue |
281,226 |
|
175,559 |
|
173,345 |
|
Less total Government
Expenditure and |
194,360 |
|
238,890 |
|
243,390 |
|
|
|
|
Equity Investments |
|
|
|
|
|
|
 |
 |
 |
 |
 |
 |
 |
Consolidated surplus/(deficit) |
86,866 |
|
(63,331) |
|
(70,045) |
|
 |
 |
 |
 |
 |
 |
 |
|
|
|
|
|
|
|
Reserve balance
at 1 April |
370,677 |
|
430,278 |
|
372,503 |
|
|
|
|
|
|
|
|
|
|
Write-back of Provision
for loss in investments with the |
— |
|
5,556 |
|
587 |
|
|
|
|
Exchange Fund(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve balance
at 31 March |
457,543 |
|
372,503 |
|
303,045 |
|
|
|