Provisional financial results for the year ended 31-3-1999
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The government announced today (Friday) its
provisional financial results for the year ended March 31,
1999.
Expenditure for the year amounted to $239,347.5
million and revenue to $216,074.2 million (including
$8,305.1 million increase in the net worth of the Land
Fund's investments when they were managed as a separate
portfolio by Hong Kong Monetary Authority to October 31,
1998).
The resultant deficit for the year amounts to
$23,273.3 million and as a consequence the fiscal
reserves, at March 31, 1999, stood at $434,269.7 million.
A government spokesman said that the deficit of $23.3
billion was $9 billion better than the revised estimates
for the year published at the time of the Financial
Secretary's Budget Speech. Revenue was $3.2 billion
higher than expected largely as a result of higher than
anticipated earnings on the investment of the fiscal
reserves with the Exchange Fund. Expenditure was $5.8
billion lower than forecast. This comprised lower than
expected recurrent spending of $2.6 billion (ie. 1.6% of
total recurrent expenditure) spread over a wide range of
items and lower capital spending of $3.2 billion arising
largely from delays in the acquisition of a number of
major capital items together with a lower than expected
take-up from a number of loan assistance schemes.
The spokesman said that all figures were provisional
pending the formal closing of the accounts but that past
experience showed that any changes to the provisional
figures were unlikely to be significant.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. PROVISIONAL ACCOUNTS (Note 1)
Month Ended Year ended
31-3-1999 31-3-1999
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HK$ million HK$ million
Revenue 29,362.0 216,074.2
(Note 2)
Expenditure (28,955.4) (239,347.5)
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--
Surplus/(Deficit) 406.6 (23,273.3)
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--
Financing
Domestic
Banking Sector
(Note 3) (419.6) 23,114.2
Non-Bank Sector 13.0 159.1
External -- --
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-
Total (406.6)
(23,273.3)
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-
Government Debt as at
March 31, 1999 (Note 4): NIL
Debts Guaranteed by Government
as at March 31, 1999 (Note 5): HK$738.2 million
Notes:
1. All figures are provisional pending the formal closing
of the annual accounts. Experience shows that any changes
to these provisional figures are unlikely to be
significant.
2. Includes $8,305.1 million increase in the net worth of
the Land Fund's investments when they were managed as a
separate portfolio by the Hong Kong Monetary Authority up
to October 31, 1998.
3. Includes transactions with the Exchange Fund and
resident banks.
4. The Government is debt free.
5. Guarantees provided under the Special Finance Scheme
for Small and Medium Enterprises.
TABLE 2. FISCAL RESERVES (PROVISIONAL)
Month Ended Year ended
31-3-1999 31-3-1999
----------- ----------
HK$ million HK$ million
Fiscal Reserves
at start of period 433,863.1 457,543.0
Add: Surplus/(Deficit) 406.6 (23,273.3)
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Fiscal Reserves at
end of period 434,269.7 434,269.7
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End/Friday, April 30, 1999
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