APPENDIX E
 
  GLOSSARY OF TERMS
 
 
Note: Terms shown in bold italic are defined elsewhere in the glossary.

Capital expenditure.
    All expenditure charged to the Loan Fund, the Disaster Relief Fund and the Capital Works Reserve Fund (Works Account and Reserve Account only to 31 December 1997) plus expenditure from General Revenue Account on Plant, Equipment and Works and Capital Subventions. It does not include advances and equity investments made from the Capital Investment Fund.
Capital revenue.
    All revenue credited to the Funds and the exceptions listed under recurrent revenue.
Cash surplus/deficit.
    The difference between total Government revenue and total expenditure of the General Revenue Account, the Loan Fund, the Disaster Relief Fund, the Civil Service Pension Reserve Fund, the Capital Works Reserve Fund and the Land Fund.
Consolidated surplus/deficit.
    Cash surplus/deficit after equity investments (payments from the Capital Investment Fund).
Fiscal reserves.
    The aggregate of the net worth of the Land Fund and the accumulation of consolidated surpluses. They are also known as Government reserves.
Funds expenditure.
    Expenditure charged to the Capital Works Reserve Fund (Works Account and Reserve Account only to 31 December 1997), the Loan Fund, the Disaster Relief Fund, the Civil Service Pension Reserve Fund and the Capital Investment Fund. Transfers to or from the Funds are not relevant to the level of expenditure.
Funds revenue.
    All receipts, except transfers from General Revenue Account, which are credited directly to the Funds. These comprise: -
      Capital Works Reserve Fund (Works Account and Reserve Account only to 31 December 1997)

      donations for projects
      land premia
      interest on balances
      recovery from Mass Transit Railway Corporation
      recoveries from Trading Funds

      Loan Fund

      loan repayments received
      interest on loans
      interest on balances

      Capital Investment Fund

      repayments received
      dividends
      interest
      interest on balances

      Disaster Relief Fund

      interest on balances

      Civil Service Pension Reserve Fund

      interest on balances

      Land Fund

      interest in net worth

General Revenue Account expenditure.
    All expenditure charged to General Revenue Account in accordance with the Appropriation Ordinance, excluding Transfers to Funds.
General Revenue Account revenue.
    All receipts credited to any of the eleven revenue heads, excluding Transfers from Funds.
Government expenditure.
    The aggregate of operating expenditure and capital expenditure. It is not the same as public expenditure.
Government revenue.
    The aggregate of Funds revenue and General Revenue Account revenue.
Operating expenditure.
    All expenditure from General Revenue Account charged to any of the subheads listed in the estimates under 'Recurrent Account', plus Other Non-Recurrent expenditure.
Operating surplus.
    The difference between General Revenue Account revenue and expenditure.
Public expenditure.
    Government expenditure plus: -
      gross expenditure (recurrent and capital) by the trading Funds, the Hong Kong Housing Authority and the Provisional Urban and Regional Councils; and

      payments from the Lotteries Fund.

    It is also referred to as Consolidated Public Sector expenditure.
Recurrent revenue.
    All revenue credited to General Revenue Account, excluding Transfers from Funds and the following: -
      disposal proceeds of government quarters
      estate duty
      taxi concessions
      recovery from Housing Authority under current financial arrangement
      donations
      repayment of loans and advances

      which are treated as capital revenue.

Taxation
      earnings and profits tax
      estate duty
      duties
      general rates
      bets and sweeps tax
      entertainments tax
      hotel accommodation tax
      stamp duties
      air passenger departure tax
      Cross-Harbour Tunnel passage tax
      motor vehicle taxes
      royalties and concessions

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