A GOOD RESULT. - - - - The position for the
fiscal year •'which closed on the 31st March was as follows :— Gross Revenue .. £836,434,988
Gross Expenditure .. 818,040,525 Realized Surplus ..
• I from previous year
Placed to Rating Relief Suspense Account £22,633,587
This very large surplus for the past year of £18,394,000 compares with the original Budget ekpectation of a sur- plus of £14,502,000. That estimate, however, was sub- sequently reduced to just under £8,000,000 by reason of concessions in the new taxation- made during the passing of the Finance Bill through the House of Commons and also by reason of subsequent Supplementary Estimates of Supply Expenditure. It will be seen, therefore, that the final estimated surplus for 1928-29 has been more than doubled in the actual result. This has been due to an actual saving in Supply Expenditure of about £6,000,000 and to certain departments of Revenue having yielded better results than was anticipated. As will be seen from the foregoing statement, not only the past year's surplus but the surplus of the previous year is being applied not to Debt redemption but to a special Suspensory Fund in connexion with the Derating Scheme, and on this point I shall have something to say next week.
• • • •
.£18,394,463 4,239,124
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