HA to consider Budget for 2023-24
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At the meeting today (January 5), the Finance Committee (FC) of the Hong Kong Housing Authority (HA) endorsed the 2022-23 Revised Budget and the 2023-24 Proposed Budget, and took note of the financial forecast for the period from 2024-25 to 2026-27.
Under the latest budgets and financial forecasts, it is projected that the HA will have the necessary financial resources to meet its recurrent expenditure and take forward its public housing construction programme and maintenance works up to 2026-27.
The FC Chairman, Professor Chan Ka-lok, said, "Under the latest budgets and financial forecasts, the HA's cash and investment balance is projected to decrease from around $58.9 billion at the beginning of April 2022 to around $49.7 billion by the end of March 2027. It is also expected that the construction expenditure and the operating expenditure will continue to increase over the period, in particular the construction expenditure to meet the public housing supply targets."
"The construction expenditure for public housing development is the largest expenditure item of the HA. The latest budgets and financial forecasts mainly reflect the financial commitments of the planned housing production of around 94 000 flats for the period from 2022-23 to 2026-27," added Professor Chan.
Looking forward, in order to achieve the public housing supply target in the coming 10 years, it is envisaged that the HA's construction expenditure for the subsequent five years will be more than double than that of the five-year period up to 2026-27.
"The HA will continue to remain vigilant in exercising prudent financial control and the expenditure estimates will be assessed and reviewed in the future annual rolling five-year budgeting exercises," said Professor Chan.
The Government has earmarked $82.4 billion in the fiscal reserves for the development of public housing and related infrastructure to demonstrate the Government's commitment in this regard. The HA will continue to monitor its funding position and discuss with the Government the quantum and timing of funding injection, if so required.
The HA will examine the relevant budgets at its open meeting scheduled for January 16.
Ends/Thursday, January 5, 2023
Issued at HKT 19:10
Issued at HKT 19:10
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