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The Government announced today (November 30) its financial results for the seven months ended October 31, 2000.
Expenditure for the period April to October 2000 amounted to $126 billion and revenue to $87.6 billion, resulting in a deficit of $38.4 billion.
There was a surplus of $2.3 billion in October. A Government spokesman said that this was mainly due to the receipt of the proceeds from selling part of the shares held by the Government in MTR Corporation Limited.
On the accumulated deficit in the first seven months of the financial year, he said that this 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 $405.9 billion at October 31, 2000.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Year to date
Oct 31, 2000 Apr 1 to
Oct 31, 2000
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HK$ million HK$ million
Revenue 20,966.0 87,635.0
Expenditure (18,692.6) (125,993.0)
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Surplus/(Deficit) 2,273.4 (38,358.0)
Financing
Domestic
Banking Sector(Note 1) (2,568.5) 37,243.2
Non-Bank Sector 295.1 1,114.8
External - -
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Total (2,273.4) 38,358.0
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Government Debt as at Oct 31, 2000 (Note 2): NIL
Debts Guaranteed by Government as at Oct 31, 2000 (Note 3): HK$4,851.8 million
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The Government is debt free.
3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises.
TABLE 2. FISCAL RESERVES
Month ended Year to date
Oct 31, 2000 Apr 1 to
Oct 31, 2000
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HK$ million HK$ million
Fiscal Reserves at
start of period 403,622.7 444,254.1
Add:Consolidated
Surplus/(Deficit) 2,273.4 (38,358.0)
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Fiscal Reserves at
end of period 405,896.1 405,896.1
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End/Thursday, November 30, 2000
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