HA's Corporate Plan and Budget for 2018/19 endorsed
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At the Housing Authority (HA) meeting today (January 22), HA Members endorsed the Corporate Plan for 2018/19, the 2017/18 Revised Budget and the 2018/19 Proposed Budget, and also noted the Financial Forecasts for 2019/20 to 2021/22.
In 2018/19, the HA will continue to focus its efforts on providing quality homes, promoting sustainable living, optimising and rationalising the use of public resources and enhancing the attractiveness of its commercial properties. Based on the above four main themes, the Corporate Plan covers a total of 50 key activities and 19 key performance indicators of the Authority's work in the year.
"The 2018/19 Corporate Plan is the platform through which the HA will direct its work and concentrate its efforts in the face of multiple challenges. Apart from seeking the Government's provision of suitable sites for developing both public rental housing (PRH) units and subsidised sale flats, the HA will launch the White Form Secondary Market Scheme. Subject to the outcome of the review on the Green Form Subsidised Home Ownership Pilot Scheme (GSH), the HA will introduce suitable measures to address the home ownership aspirations of Green Form applicants. The HA will also continue to examine ways to better utilise existing PRH resources, as well as to combat abuse of PRH," a spokesman for the HA said.
"We will continue to review and implement enhancements to the quality management of the HA's new works projects, and will continue to strive to provide a living environment that is suitable for all ages and abilities, and to assist those who are in financial hardship through the Rent Assistance Scheme," the spokesman added.
The cash and investment balance of the HA is projected to decrease over the years mainly due to the projected increase in construction and operating expenditure. The total construction expenditure during the five-year budget and forecast period from 2017/18 to 2021/22 is projected to be $115 billion, while no rent adjustment for PRH is assumed. With Home Ownership Scheme receipts coming on stream, the cash and investment balance of the HA is projected to decrease from about $49 billion at the beginning of April 2017 to about $36 billion by the end of March 2022. The HA has projected that it will have sufficient financial resources to meet its recurrent expenditure and implement its current public housing construction programme and maintenance programme covered in the five-year period.
"The HA's proposed budgets and forecasts are projected based on a package of assumptions. If there is adjustment or change in any of the assumptions, the projected financial position may be different. The budget bases and assumptions have yet to include the financial implications from the regularisation of GSH as proposed under the Policy Address, which is subject to the outcome of the review to be completed in early 2018. According to the existing mechanism, the HA will conduct the annual rolling five-year budgeting process and assess its financial position and future funding requirements. To achieve the public housing supply target, the HA's cash and investment balance will continue to decrease in the longer term and the Government's funding support may become necessary. At present, the Government has set aside about $78.8 billion for the Housing Reserve, which demonstrates the Government's commitment to financially supporting the HA to meet the public housing supply target," the spokesman said.
Ends/Monday, January 22, 2018
Issued at HKT 18:55
Issued at HKT 18:55
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