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The Government announced today (June 30) its financial results for the two months ended May 31, 2000.
Expenditure for the period April to May 2000 amounted to $35.9 billion and revenue to $28.8 billion, resulting in a deficit of $7.1 billion.
A Government spokesman said that a deficit in the initial months of a financial year was not unusual as many major types of revenue including taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at $437.2 billion at May 31, 2000.
More detailed figures are shown in Tables 1 and 2.
TABLE 1.CONSOLIDATED ACCOUNT
Year to date
Month ended April 1, 2000 to
May 31, 2000 May 31, 2000
------------- --------------
HK $ million HK $ million
Revenue 13,321.9 28,794.7
Expenditure (18,334.9) (35,871.0)
------ ------
Deficit (5,013.0) (7,076.3)
------ ------
Financing
Domestic
Banking Sector 5,511.8 6,852.5
(Note 1)
Non-Bank Sector (498.8) 223.8
External - -
------ ------
Total 5,013.0 7,076.3
------ ------
Government Debt as at May 31, NIL
2000(Note 2)
Debts Guaranteed by Government HK$4,942.2 million
as at May 31, 2000 (Note 3)
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, 2000 to
May 31, 2000 May 31, 2000
------------ --------------
HK $ million HK $ million
Fiscal Reserves at
start of period 442,190.8 444,254.1
Add : Consolidated (5,013.0) (7,076.3)
Deficit
------- -------
Fiscal Reserves at 437,177.8 437,177.8
end of period
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End/Friday, June 30, 2000
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