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Following is the English translation of a speech by the Secretary for Financial Services and the Treasury, Mr Frederick Ma, in moving the resolution on the Public Finance Ordinance in the Legislative Council today (March 1):
Madam President,
I move the motion standing in my name in the Agenda.
The purpose of this motion is to seek funds on account to enable the Government to carry on existing services between the start of the financial year on April 1, 2006, and the enactment of the Appropriation Ordinance 2006. This follows the procedure long established in this Council.
We have determined the funds on account sought under each subhead in accordance with the fourth paragraph of the resolution, by reference to percentages of the provision shown in the 2006-07 Estimates of Expenditure. If, prior to the enactment of the Appropriation Ordinance 2006, the Estimates are changed by the Finance Committee or officers under delegated powers, the funds on account for the relevant heads will also change accordingly. In any case, the aggregate total under all heads is $55,884,844,000 and cannot be exceeded without the approval of this Council. The initial amount of funds on account under each head is provided in the form of a footnote to this speech.
The resolution also enables the Financial Secretary to vary the funds on account in respect of any subhead, provided that these variations do not cause an excess over the amount of provision entered for that subhead in the 2006-07 Estimates of Expenditure or the amount of funds on account for the relevant head.
The vote on account will be subsumed upon the enactment of the Appropriation Ordinance 2006.
Madam President, I beg to move.
Ends/Wednesday, March 1, 2006
Issued at HKT 15:55
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