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As a financially autonomous public body, the HA funds its public housing programmes with its own resources.
Although the HA's expenditure does not form part of the Government's expenditure, it accounts for approximately 5.6% of the public expenditure in 2007/08. A summary of the income and expenditure items of the HA's Revised Budget for 2007/08 and Proposed Budget for 2008/09 is set out below-
| |
Revised Budget
2007/08 ($M) |
Proposed Budget
2008/09 ($M) |
| Operating Income |
19,990 |
21,992 |
| Operating Expenditure[24] |
19,600 |
21,172 |
| Capital Expenditure |
5,721 |
7,166 |
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Consolidated Operating Account Budget The consolidated operating account for 2008/09 shows a surplus of $826
million as compared to the consolidated operating surplus of $287 million in
the 2007/08 Revised Budget. The higher operating surplus in 2008/09 is mainly
due to the higher surplus from home ownership assistance operations partly
offset by the higher deficit from rental housing operations. A summary is set
out below-
Summary of Operating Surplus/(Deficit) ($M)
| |
Rental
Housing |
Commercial |
Home Ownership
Assistance |
Special Income/
(Expenditure )[25] |
Consolidated
Operating
Surplus/
(Deficit) |
| 2007/08 Revised Budget |
(2,028) |
379 |
2,039 |
(103)[26] |
287 |
| 2008/09 Proposed Budget |
(3,116) |
338 |
3,598 |
6 |
826 |
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The budgeted cash flow and closing cash balance are summarised below-
Summary of Cash Flow ($M)
| |
Net Cash Inflow for the year |
Closing Cash Balance |
| 2007/08 Revised Budget |
3,566 |
55,733 |
| 2008/09 Proposed Budget |
7,011 |
62,744 |
|
The HA's cash balance is expected to rise from $52.2 billion as at 31 March 2007 to $55.7 billion by end March 2008 and further increase to $62.7 billion at 31 March 2009 mainly due to the sale of surplus HOS flats and investment return.
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Capital Expenditure Budget Capital expenditure is budgeted at $7.2 billion in 2008/09. The details are summarised below-
Summary of Capital Expenditure ($M)
| |
Revised Budget 2007/08 |
Proposed Budget 2008/09 |
| Construction Expenditure |
4,139 |
5,376 |
| Improvement Works |
182 |
271 |
| Computer Assets |
131 |
144 |
Direct Costs and Overheads
charged to Construction,
Improvement Works and Computer /
Information Technology Projects |
1,269 |
1,375 |
| Total |
5,721 |
7,166 |
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Compared with the 2007/08 Revised Budget, the proposed capital expenditure budget for 2008/09 increases by $1,445 million (or 25.3%), mainly due to the higher level of PRH production in 2008/09 as compared to that in 2007/08.
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