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    The Government announced today (May 31) its financial results for April 2005, the first month of the current financial year.

    Expenditure for the first month amounted to $18.5 billion and revenue to $20.5 billion, resulting in a surplus of $2 billion.

    A Government spokesman said that the surplus of $2 billion for April was mainly due to receipts of salaries tax and land premium.

    The fiscal reserves stood at $297.9 billion as at April 30, 2005.

    More detailed figures are shown in Tables 1 and 2.

TABLE 1.     CONSOLIDATED ACCOUNT

                                 Month ended
                                 April 30, 2005
                                 --------------
                                 HK$ million
Revenue                           20,516.2
Expenditure                      (18,552.4)
                                 --------------
Surplus                            1,963.8
                                 --------------


Financing
   Domestic
     Banking Sector (Note 1)     (2,507.0)
     Non-Banking Sector             543.2
   External                           -
                                 -------------
Total                            (1,963.8)
                                 --------------

 

Government Debts as at

April 30, 2005 (Note 2)        HK$25,610.5 million

Debts Guaranteed by

Government as at

April 30, 2005 (Note 3)        HK$5,243.8 million

Notes:

1. Includes transactions with the Exchange Fund and resident banks.

2. The total Government debts of $25,610.5 million as at April 30, 2005 comprise:

(i) Toll Revenue Bond of $5,610.5 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of Government tolled tunnels and bridges. Of the outstanding Toll Revenue Bond, $450 million will mature within the next 12 months and the rest will mature by May 2016 but may be fully repaid before then; and

(ii) Retail bonds and institutional notes totalling $20 billion (including US$1.25 billion denominated in United States dollars). The maturity dates of these bonds and notes fall within the period July 2006 to July 2019.

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

                                   Month ended
                                  April 30, 2005
                                  --------------
                                   HK $ million

Fiscal Reserves at start of period   295,981.3
Add: Consolidated Surplus             1,963.8
                                   -------------
Fiscal Reserves at end of period     297,945.1
                                   -------------
 

Ends/Tuesday, May 31, 2005

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