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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

Power incident findings reported

The Electrical & Mechanical Services Department has revealed that CLP Power Hong Kong has reported to it the findings from a preliminary investigation into two recent power supply incidents in Tsing Yi.

 

The two accidents happened on January 1 and 7, and the department noted that they were not caused by external factors such as adverse weather.

 

The first incident was due to a fault at the cable termination point of an outdoor cable installed at CLP’s Nga Ying Chau Street Substation. Damage was caused to the termination point, leading to smoke.

 

As regards the second incident, a fault occurred at the 11kV underground cable joint at On Mei House, Cheung On Estate, leading to a partial power supply interruption at 9.38am at that housing block, with about 388 customers affected. The power supply was subsequently restored by CLP at 11.04am, with no injuries reported.

 

At a meeting, the department requested CLP strengthen inspections on the power supply system in the district, targeting completion this month, and review maintenance of the citywide transmission and distribution system to prevent similar incidents.

 

The department also instructed CLP to submit detailed reports on the incidents as soon as possible, and said it will monitor the company’s follow-up actions and improvement measures.

 

It added that it had conducted on-site investigations soon after the incidents occurred, followed up with CLP on the incidents and monitored the progress of repair work.

 

The department stressed that it will step up inspections of power companies’ facilities and operations to monitor their technical and electrical safety performance. 


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