BUDGET OVERVIEW

The FY2004 Budget is summarised in Table I below. Annex A gives the Performance Review for FY2003.

Table I: THE FY2004 BUDGET
	Estimated FY2003	Revised FY2003	Estimated  FY2004	Change over Revised FY2003
	$b	$b	$b	$b	%
OPERATING REVENUE	26.64	25.61	28.31	2.70	10.5
Tax Revenue	22.05	21.59	24.57	2.98	13.8
Fees and Charges	4.49	3.76	3.61	-0.15	-4.0
Others	0.10	0.25	0.13	-0.12	-49.0
Less:
TOTAL EXPENDITURE	29.92	28.81	30.44	1.62	5.6
Operating Expenditure	20.36	19.99	20.86	0.87	4.4
Development Expenditure	9.56	8.83	9.58	0.75	8.5
SURPLUS/(DEFICIT)	(3.28)	(3.21)	(2.13)	1.08	-33.6
Less:
SPECIAL TRANSFERS	0.60	0.60	0.91	0.31	50.7
Economic Restructuring Shares	0.60	0.60	0.90	0.30	50.0
Utilities Save Scheme(1)	0.00	0.00	0.01	0.01	n.a.
Add:
NET INVESTMENT INCOME CONTRIBUTION	2.99	2.05	2.29	0.24	11.7
BUDGET SURPLUS/(DEFICIT)	(0.90)	(1.76)	(0.75)	1.01	-57.4