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The Government announced today (April 30) its provisional financial results for the year ended March 31, 2003.
According to the provisional results, expenditure for the year ended March 31, 2003 amounts to $239.2 billion and revenue to $177.5 billion, resulting in a deficit of $61.7 billion.
The provisional deficit of $61.7 billion is $8.3 billion lower than the revised estimate of $70 billion announced in the 2003-04 Budget Speech. This is because while on the one hand, total expenditure is $4.2 billion lower than the revised estimate, revenue is $4.1 billion better than the revised estimate, largely as a result of additional revenue from profits and salaries taxes, income from investments with the Exchange Fund and higher-than-expected loan repayments.
The balance of fiscal reserves is $311.4 billion at March 31, 2003 and is $8.4 billion more than the revised estimate of $303.0 billion, mainly because of the less than expected outturn deficit mentioned above.
A Government spokesman added that all figures were provisional pending the final closing of the annual accounts but that experience showed that any changes to the provisional figures were unlikely to be significant.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. PROVISIONAL ACCOUNTS (Note 1)
Month ended Year ended
March 31, 2003 March 31, 2003
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HK $ million HK $ million
Revenue 28,300.7 177,452.7
Expenditure (22,272.6) (239,153.8)
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Surplus/(Deficit) 6,028.1 (61,701.1)
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Financing
Domestic
Banking Sector (Note 2) (6,597.5) 60,461.9
Non-Bank Sector 569.4 1,239.2
External -- --
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Total (6,028.1) 61,701.1
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Government Debt as at March 31, 2003 (Note 3) NIL
Debts Guaranteed by Government
as at March 31, 2003 (Note 4) HK$1,487.9 million
Notes:
1. All figures are provisional pending the final closing of the annual accounts.
2. Includes transactions with the Exchange Fund and resident banks.
3. The Government is debt free.
4. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme and the SME Loan Guarantee Scheme.
TABLE 2. FISCAL RESERVES (PROVISIONAL)
Month ended Year ended
March 31, 2003 March 31, 2003
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HK $ million HK $ million
Fiscal Reserves at
start of period 304,774.1 372,503.3
Consolidated Surplus/(Deficit) 6,028.1 (61,701.1)
Write-back of provision for
loss in Investments with
the Exchange Fund 586.9 586.9
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Fiscal Reserves at
end of period 311,389.1 311,389.1
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End/Wednesday, April 30, 2003
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