I will now touch on the FY2001 fiscal position.

Operating revenue for FY2001 is estimated at $34.3 billion, including a $0.9 billion contribution from NII. Operating and development expenditures are budgeted at $18.7 billion and $9.4 billion respectively. Total expenditure in FY2001 thus comes to $28.1 billion. Special transfers will total $1.9 billion.

Based on these projections of revenue, expenditure and special transfers, a budget surplus of $4.4 billion² is expected for FY2001. Once again, we are in the happy position of having a budget surplus. Having a surplus allows us to take measures to enhance our competitiveness, share with Singaporeans the fruits of the nation's success, and at the same time add to our reserves.

² The figures are rounded to one decimal point.