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The Government announced today (September 30) its financial results for the five months ended August 31, 2005.
Expenditure for the period April to August amounted to $96 billion and revenue to $58.7 billion, resulting in a deficit of $37.3 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 $258.7 billion at August 31, 2005.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Five months ended
August 31, 2005 August 31, 2005
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HK$ million HK$ million
Revenue 8,723.9 58,692.7
Expenditure (20,053.9) (95,953.7)
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Deficit (11,330.0) (37,261.0)
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Financing
Domestic
Banking Sector(Note 1) 11,430.6 35,507.8
Non-Banking Sector (100.6) 1,753.2
External - -
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Total 11,330.0 37,261.0
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Government Debts as at August 31, 2005 (Note 2)
HK$24,874.9 million
Debts Guaranteed by Government as at August 31, 2005 (Note 3)
HK$5,587.0 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $24,874.9 million as at August 31, 2005 comprise:
(i) Toll Revenue Bond of $4,910.8 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 $19,964.1 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional notes, $2,550 million will mature within the next 12 months and the rest will mature within the period July 2008 to July 2019.
3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Five months ended
August 31, 2005 August 31, 2005
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HK$ million HK$ million
Fiscal Reserves at
start of period 270,050.3 295,981.3
Less: Consolidated
Deficit (11,330.0) (37,261.0)
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Fiscal Reserves at
end of period 258,720.3 258,720.3
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Ends/Friday, September 30, 2005
Issued at HKT 16:16
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