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The Government announced today (Saturday) its financial results for the three months ended June 30, 1999.
Expenditure for the first three months of the current financial year amounted to $59,504.3 }million and revenue to $36,762.1 million, resulting in a deficit of $22,742.2 million.
The fiscal reserves stood at $411,560.2 million at June 30, a decrease of $22,742.2 million compared with the balance of $434,302.4 million at March 31, 1999, the end of the previous financial year.
A government spokesman said that the Government's accounts were prepared on a cash basis and reflected the incidence of receipts and payments during the period.
"The results remain in line with our expectations, based on the budgeted deficit for the year of $36.5 billion as announced by the Financial Secretary in his Budget Speech on March 3," he added.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Year to date
Month Ended April 1, 1999
June 30, 1999 to June 30, 1999
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HK$ million HK $ million
Revenue 12,576.1 36,762.1
Expenditure (17,390.6) (59,504.3)
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Deficit (4,814.5) (22,742.2)
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Financing
Domestic
Banking Sector(Note 1) 4,133.7 21,401.2
Non-Bank Sector 680.8 1,341.0
External -- --
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Total 4,814.5 22,742.2
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Government Debt as at June 30, 1999 (Note 2): NIL
Debts Guaranteed by Government as at
June 30, 1999 (Note 3): HK$1,236.1 million
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The Government is debt free.
3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises.
TABLE 2. FISCAL RESERVES
Year to date
Month Ended April 1, 1999
June 30, 1999 to June 30, 1999
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HK$ million HK $ million
Fiscal Reserves at
start of period 416,374.7 434,302.4
Add :
Consolidated Deficit (4,814.5) (22,742.2)
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Fiscal Reserves at
end of period 411,560.2 411,560.2
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End/Saturday, July 31, 1999
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