| Financial Objectives
In accordance with the general provisions of the Trading Funds
Ordinance, the Land Registry has established and pursued clearly
defined financial objectives. These include:
- meeting expenses incurred in the provision of services
to the public and government departments out of the income
of the Trading Fund, taking one year with another;
- making prompt repayment of loans and related interest
to the Government for funds borrowed at the time of setting
up the Trading Fund; and
- achieving a reasonable return, as determined by the Financial
Secretary, on the average net fixed assets (ANFA) employed.
The current prescribed rate is 10% per annum.
Actual Performance
In the year ended 31 March 2003, the Land Registry Trading
Fund achieved a net profit after taxation of HK$75.4 million
and attained a return on ANFA of 20.6%.
When compared with last year, the overall revenue decreased
by HK$37.7 million (down 9.3%), mainly due to decrease in
workload. Through effective cost controls and concerted efforts
under the Enhanced Productivity Programme, operating expenses
decreased by HK$25.9 million (down 8.3%).
Forecast
We expect to see continued relative weakness in demand for
services from the public in the coming year together with
lower demand from government departments. Strict cost control
will be needed to maintain the required rate of return.
Fees and Charges
Fees and charges are reviewed annually to take into account
the full cost of providing Land Registry services, the impact
of inflation or deflation, the retained reserves and the implementation
of efficiency improvement projects and new services. There
has been no statutory fee revision since June 1996. No increases
are planned.
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