Housing Authority maintains sound financial position

The authority vows to continue managing its finances efficiently to ensure cost-effectiveness after it expected to have a surplus in the consolidated operating accounts.

Housing Authority Finance Committee Chairman Stanley Wong says the authority’s financial position is sound and will remain healthy in the short and medium terms, adding it will maintain an annual production of about 15,000 flats on average from 2010-11 to 2014-15, according to a Housing Authority report.

After a meeting on the authority’s proposed budget for 2011-12 on Tuesday, Mr Wong said it will maintain the average waiting time for public rental housing at around three years and improve estate facilities for the better living quality of its tenants.

On Tuesday, the committee considered and endorsed the 2010-11 revised budget and the 2011-12 proposed budget. It also noted the 2012-13 to 2014-15 financial forecasts.

It is expected the authority will have a surplus in the consolidated operating accounts during the budgets and forecasts period. Its financial position is healthy and sufficient to meet the cost of the projected construction programme during the said period.

The authority will continue to manage its finances in a prudent manner to ensure cost-effectiveness in achieving its policy objectives. It will be mindful of the uncertain economic outlook and the various challenges ahead, and will closely monitor changes in investment return and construction costs in particular.

The budget will be tabled at the authority's general meeting for approval on January 24.