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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

New sports grant applications open

The Leisure & Cultural Services Department announced that it will accept applications for the 2024-25 Pilot Scheme on Subvention for New Sports from today until February 23.

 

Local sports organisations may use the subvention to promote the development of new sports, thus providing more opportunities and choice for members of the public to take part in sports activities.

 

To encourage eligible organisations to step up promotion of new sports, the department will increase the amount of subvention under the scheme for this year.

 

Each successful applicant sports organisation will be offered a maximum of $180,000, which was increased from $150,000 for year 2023-24 or 85% of the total eligible expenditure of the individual activity, whichever is the lower.

 

A sports organisation wishing to apply for the subvention must be a non-profit making organisation with Articles of Association registered as a company limited by guarantee under the Companies Ordinance.

 

Moreover, the new sport under application must be distinct from the sports or disciplines currently solely governed by national sports associations under the Sports Federation & Olympic Committee of Hong Kong, China.

 

The applicant organisation must also be recognised by and affiliated to the international federation, Asian federation or regional federation, or recognised by the General Administration of Sport of China, and have experience in successfully organising sports development programmes of various levels and types with eager participation by the public in the past two years.

 

Priority will be given to new applicants. For those who are reapplying, the department will take into consideration their past performance and records when vetting their applications.

 

Call 2601 8756 or send an email to sns@lcsd.gov.hk for enquiries.

 

Click here for details.


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