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The Government announced today (August 31) its financial results for the four months ended July 31, 2005.
Expenditure for the period April to July, 2005, amounted to $75.9 billion and revenue to $50.0 billion, resulting in a deficit of $25.9 billion.
A government spokesman said that a deficit in the initial months of a financial year was not unusual as many types of revenue including taxes were mostly received towards the end of the year.
The fiscal reserves stood at $270.1 billion at July 31, 2005.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Four months ended
July 31, 2005 July 31, 2005
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HK$ million HK$ million
Revenue 10,258.9 49,968.8
Expenditure (19,466.5) (75,899.8)
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Deficit (9,207.6) (25,931.0)
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Financing
Domestic
Banking Sector(Note 1) 8,790.8 24,077.2
Non-Banking Sector 416.8 1,853.8
External - -
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Total 9,207.6 25,931.0
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Government Debts as at July 31, 2005 (Note 2)
HK$24,992.7 million
Debts Guaranteed by Government as at July 31, 2005 (Note 3)
HK$5,488.7 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $24,992.7 million as at July 31, 2005 comprise:
(i) Toll Revenue Bond of $5,024.2 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of Government tolled tunnels and bridges. The outstanding Toll Revenue Bond will mature by May 2016 but may be fully repaid before then; and
(ii) Retail bonds and institutional notes totalling $19,968.5 million (including US$1.25 billion denominated in United States dollars). The maturity dates of these bonds and notes fall within the period July 2006 to July 2019.
3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Four months ended
July 31, 2005 July 31, 2005
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HK$ million HK$ million
Fiscal Reserves at
start of period 279,257.9 295,981.3
Less: Consolidated
Deficit (9,207.6) (25,931.0)
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Fiscal Reserves at
end of period 270,050.3 270,050.3
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Ends/Wednesday, August 31, 2005
Issued at HKT 16:15
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