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The Government announced today (October 31) its financial results for the six months ended September 30, 2005.
Expenditure for the period April to September 2005 amounted to $114.4 billion and revenue to $68.9 billion, resulting in a deficit of $45.5 billion.
A Government spokesman explained that some major revenue items including salaries and profits taxes were mostly received towards the end of a financial year. It was too early at this stage to draw any conclusion on the deficit outturn for the full year.
The fiscal reserves stood at $250.5 billion at September 30, 2005.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Six months ended
September 30, 2005 September 30, 2005
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HK$ million HK$ million
Revenue 10,246.1 68,938.8
Expenditure (18,443.2) (114,396.9)
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Deficit (8,197.1) (45,458.1)
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Financing
Domestic
Banking Sector(Note 1) 8,325.5 43,833.3
Non-Banking Sector (128.4) 1,624.8
External - -
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Total 8,197.1 45,458.1
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Government Debts as at September 30, 2005 (Note 2)
HK$24,858.7 million
Debts Guaranteed by Government as at September 30, 2005 (Note 3)
HK$5,644.0 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $24,858.7 million as at September 30, 2005 comprise:
(i) Toll Revenue Bond of $4,910.7 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 $19,948.0 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional notes, $2,550 million will mature within the next 12 months and the rest will mature within the period July 2008 to July 2019.
3. Guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Six months ended
September 30, 2005 September 30, 2005
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HK$ million HK$ million
Fiscal Reserves
at start of period 258,720.3 295,981.3
Less: Consolidated
Deficit (8,197.1) (45,458.1)
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Fiscal Reserves at
end of period 250,523.2 250,523.2
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Ends/Monday, October 31, 2005
Issued at HKT 16:16
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