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The Government announced today (December 30) its financial results for the eight months ended November 30, 2000.
Expenditure for the period April to November 2000 amounted to $143.9 billion and revenue to $115.2 billion, resulting in a deficit of $28.7 billion.
There was a surplus of $9.7 billion in November. A Government spokesman said the improvement was mainly 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.
The fiscal reserves stood at $415.5 billion at November 30, 2000.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Year to date
Month ended April 1 to
Nov 30, 2000 Nov 30, 2000
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HK$ million HK$ million
Revenue 27,548.5 115,183.5
Expenditure (17,895.4) (143,888.4)
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Surplus/(Deficit) 9,653.1 (28,704.9)
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Financing
Domestic
Banking Sector(Note 1) (9,491.3) 27,751.9
Non-Bank Sector (161.8) 953.0
External -- --
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Total: (9,653.1) 28,704.9
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Government Debt as at November 30, 2000 (Note 2) : NIL
Debts Guaranteed by Government as at November 30, 2000 (Note 3) : HK$4,812.9 million
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The Government is debt free.
3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises.
TABLE 2. FISCAL RESERVES
Year to date
Month ended April 1 to
Nov 30, 2000 Nov 30, 2000
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HK$ million HK$ million
Fiscal Reserves at
start of period 405,896.1 444,254.1
Add: Consolidated Surplus/
(Deficit) 9,653.1 (28,704.9)
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Fiscal Reserves at
end of period 415,549.2 415,549.2
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Please also note that as April 30, 2001 is a general holiday, the provisional financial results for the year ended March 31, 2001 will be released on April 28, 2001 (Saturday), two days earlier than that announced in the Advance Release Calendar.
End/Saturday, December 30, 2000
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