HA's Corporate Plan and Budget for 2017/18 endorsed
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At the Hong Kong Housing Authority (HA) meeting today (January 19), HA Members endorsed the Corporate Plan for 2017/18, the 2016/17 Revised Budget and the 2017/18 Proposed Budget, and also noted the Financial Forecasts for 2018/19 to 2020/21.
In 2017/18, 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 2017/18 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 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 enhance 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," the spokesman added.
The HA has projected in its budgets and forecasts for the period 2016/17 to 2020/21 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. Nevertheless, depleting at around $8 billion per annum, the HA's cash and investment balance is projected to decrease from about $57 billion in early April 2016 to about $18 billion at the end of the forecast period in March 2021, mainly due to the projected increase in construction costs and operating costs. The total construction expenditure during the five-year budget and forecast period is projected to be $117.8 billion, while no rent adjustment for public rental housing is assumed. 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 will become necessary. At present, the Government has set aside about $74 billion for the Housing Reserve, which demonstrates the Government's commitment to financially supporting the HA to meet the public housing supply target.
"The HA will continue to conduct the annual rolling five-year budgeting process and assess its financial position and future funding requirements in accordance with the established mechanism. The HA will keep close dialogue with the Government. When the two sides have reached consensus on the quantum and timing of funding injection, the Government will, at an appropriate time, seek the approval of the Finance Committee of the Legislative Council for funding to be drawn from the Housing Reserve to support the public housing development," the spokesman said.
Ends/Thursday, January 19, 2017
Issued at HKT 17:45
Issued at HKT 17:45
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