*********************************************************
The Government announced today (November 30) its financial results for the seven months ended October 31, 2005.
Expenditure for the period April to October 2005 amounted to $134.7 billion and revenue to $103.3 billion, resulting in a deficit of $31.4 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 $264.5 billion as at October 31, 2005.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Seven months ended
October 31, 2005 October 31, 2005
---------------- ------------------
HK$ million HK$ million
Revenue 34,393.6 103,332.4
Expenditure (20,372.1) (134,769.0)
---------- -----------
Surplus/(Deficit) 14,021.5 (31,436.6)
---------- ------------
Financing
Domestic
Banking Sector(Note 1) (14,112.4) 29,720.9
Non-Banking Sector 90.9 1,715.7
External - -
---------- --------
Total (14,021.5) 31,436.6
---------- ---------
Government Debts as at October 31, 2005 (Note 2)
HK$24,853.0 million
Debts Guaranteed by Government as at October 31, 2005 (Note 3)
HK$5,594.2 million
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $24,853.0 million as at October 31, 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 $19,942.3 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional notes, $2,550 million will mature within the next 12 months and the rest will mature within the period July 2008 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Seven months ended
October 31, 2005 October 31, 2005
---------------- ------------------
HK$ million HK$ million
Fiscal Reserves
at start of period 250,523.2 295,981.3
Add: Consolidated
Surplus/(Deficit) 14,021.5 (31,436.6)
---------- -------------
Fiscal Reserves
at end of period 264,544.7 264,544.7
---------- --------------
Ends/Wednesday, November 30, 2005
Issued at HKT 16:15
NNNN
