Government averts funding shortfall

Passage of the Appropriation Bill removes risk of funding shortage.

The passage of the Appropriation Bill for the Budget in the Legislation Council also eliminats the risk of a large-scale shortage of funds for LegCo and the judiciary.

Financial Secretary John Tsang said the government will finish the required statutory, administrative and accounting processes, and provide funds to departments and public organizations as soon as possible to minimize any interruption to the provision of public services.

There may, however, be a delay in funds to the Hospital Authority and universities early next month.

Some of budget initiatives, including those relating to waiving rates and business registration fees, have already been implemented. The Government has submitted the respective legislative proposals to the Legislative Council as regards reductions in the salary and profits tax.

The government will seek council approval for them as early as possible next month regarding one-off measures in the budget such as extra social security and old-age living allowance payments.