Hong Kong Housing Authority has endorsed its revised budget for 2004-05, which shows a consolidated operating surplus of around 500 million HK dollars (64 million US dollars), according to a government press release Thursday.

The surplus, up 400 million HK dollars on the approved budget, is mainly due to lower personal emoluments as a result of downsizing, and lower maintenance and improvement expenditure brought by a lower tender price index.

The authority's consolidated operating surplus is expected to rise to 15 billion HK dollars in 2005-2006.

On such a basis, the authority's cash position will remain positive with an estimated cash balance of 13.2 billion HK dollars in March and 41 billion HK dollars by March, 2006.

The authority said the forecast estimated cash balances are subject to change, as external factors can have an immense impact on them.

The authority Thursday also endorsed its Corporate Plan for 2005-2006. With 67 key activities, the plan sets out a clear program of work for the authority to achieve its strategic objectives in the coming year.

The authority will ensure the provision of adequate public rental housing units with a view to maintain the average waiting time at three years.

To tackle abuse of public housing resources, the authority will step up legal support to the Task Force Against Abuses of Public Housing Resources.

Suitable measures will also be introduced to reduce the number of rent arrears cases.

The corporate plan also highlights efforts to facilitate efficient and rational allocation of housing resources. Key activities include reviewing the domestic rent policy, maximising the recovery of public housing units, minimizing the turn-around time of housing offers and providing opportunities for relief of overcrowding.

Source: Xinhua