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The Government announced today (March 31) its financial results for the eleven months ended February 29, 2004.
Expenditure for the period April 2003 to February 2004 amounted to $222.8 billion and revenue to $169.9 billion, resulting in a deficit of $52.9 billion.
The fiscal reserves stood at $262.6 billion at February 29, 2004.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Year to date
Frebruary 29, April 1, 2003 to
2004 February 29, 2004
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HK $ million HK $ million
Revenue 12,187.1 169,907.9
Expenditure (19,932.9) (222,816.9)
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Surplus/(Deficit) (7,745.8) (52,909.0)
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Financing
Domestic
Banking Sector (Note 1) 8,586.0 52,353.7
Non-Bank Sector (840.2) 555.3
External - -
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Total 7,745.8 52,909.0
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Government Debt as at February 29, 2004 (Note 2) NIL
Debts Guaranteed by Government as HK$3,583.1 million
at February 29, 2004 (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, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Year to date
Month ended April 1, 2003 to
February 29, 2004 February 29, 2004
------------------ -----------------
HK $ million HK $ million
Fiscal Reserves at
start of period 270,307.9 315,471.1 (Note 4)
Add : Consolidated
Surplus/(Deficit) (7,745.8) (52,909.0)
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Fiscal Reserves at
end of period 262,562.1 262,562.1
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Note :
4. Including the Lotteries Fund's balance of $4,069.2 million.
Ends/Wednesday, March 31 2004
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