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The Government announced today (May 31) its financial results for the first month ended April 30, 2003.
Expenditure for the first month of the current financial year (2003/04) amounted to $19.3 billion and revenue to $12.8 billion, resulting in a deficit of $6.5 billion.
The fiscal reserves stood at $309 billion as at April 30, 2003. This includes the balance of $4 billion in the Lotteries Fund, which has been consolidated into the Government's accounts with effect from the current financial year.
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.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended
April 30, 2003
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HK $ million
Revenue 12,771.7
Expenditure (19,278.4)
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Surplus/(Deficit) (6,506.7)
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Financing
Domestic
Banking Sector (Note 1) 6,315.1
Non-Bank Sector 191.6
External -
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Total 6,506.7
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Government Debt as at April 30, 2003 (Note 2) NIL
Debts Guaranteed by Government HK$1,557.3 million
as at April 30, 2003 (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 Loan Guarantee Scheme.
TABLE 2. FISCAL RESERVES
Month ended
April 30, 2003
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HK $ million
Fiscal Reserves at start of period (Note 4) 315,471.1
Add: Consolidated Surplus/(Deficit) (6,506.7)
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Fiscal Reserves at end of period 308,964.4
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Note:
4. Including the Lotteries Fund's balance of $4,069.2 million.
End/Saturday, May 31, 2003
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