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The Government announced today (Thursday) its financial results for the eight months ended November 30, 1999.
Expenditure for the period April to November 1999 amounted to $144,988.1 million and revenue to $106,134.1 million, resulting in a deficit of $38,854 million.
The fiscal reserves stood at $395,448.4 million at November 30, a decrease of $38,854 million compared with the balance of $434,302.4 million at March 31, 1999, the end of the previous financial year.
There was a surplus of $11,201 million in November. A government spokesman said the improvement was due to Profits Tax receipts during the month. The position should further improve with the bulk of the revenue from Profits Tax and Salaries Tax to be collected in the remaining months of the financial year.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Year to date
Month Ended Apr 1, 1999 to
Nov 30, 1999 Nov 30, 1999
--------- ---------
HK$ million HK$ million
Revenue 27,640.7 106,134.1
Expenditure (16,439.3) (144,988.1)
--------- ----------
Surplus/(Deficit) 11,201.4 (38,854.0)
--------- ----------
Financing
Domestic
Banking Sector (11,711.7) 37,257.5
(Note 1)
Non-Bank Sector 510.3 1,596.5
External - -
--------- --------
Total (11,201.4) 38,854.0
Government Debt as at November 30, 1999 (Note 2): NIL
Debts Guaranteed by Government as at November 30, 1999 (Note 3):
HK$2,475.7 million
Notes :
1.Includes transactions with the Exchange Fund and resident
banks.
2.The Government is debt free.
3.Guarantees provided under the Special Finance Scheme for
Small and Medium Enterprises.
TABLE 2. FISCAL RESERVES
Year to date
Month Ended Apr 1, 1999 to
Nov 30, 1999 Nov 30, 1999
--------- ---------
HK$ million HK$ million
Fiscal Reserves at 384,247.0 434,302.4
start of period
Add : Consolidated 11,201.4 (38,854.0)
Surplus/(Deficit) --------- ----------
Fiscal Reserves at 395,448.4 395,448.4
end of period ========= =========
End/Thursday, December 30, 1999
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