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The Government announced today (May 31) its financial results for the first month ended April 30, 2002.
Expenditure for the first month of the current financial year (2002/03) amounted to $18.5 billion and revenue to $13.4 billion, resulting in a deficit of $5.1 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 $367.5 billion at April 30, 2002.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNTMonth ended
April 30, 2002
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HK $ million
Revenue 13,413.3
Expenditure (18,465.9)
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Deficit (5,052.6)
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Financing
Domestic
Banking Sector (Note 1) 4,890.6
Non-Bank Sector 162.0
External -
Total 5,052.6
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Government Debt as at April 30, 2002 (Note 2) NIL
Debts Guaranteed by Government as HK$2,007.1 million
at April 30, 2002 (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, the Self-employment Business Start-up Assistance Scheme and the SME Business Installations and Equipment Loan Guarantee Scheme.
TABLE 2. FISCAL RESERVESMonth ended
April 30, 2002
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HK $ million
Fiscal Reserves at 372,503.3
start of period
Add : Consolidated Deficit (5,052.6)
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Fiscal Reserves at end of period 367,450.7
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The spokesman further said that as January 31, 2003 is a general holiday, the financial results for the nine months ended December 31, 2002 will be released on January 30, 2003 (Thursday), one day earlier than that announced in the Advance Release Calendar.
End/Friday, May 31, 2002
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