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The Government announced today (January 27) its financial results for the nine months ended December 31, 2005.
There was a surplus of $6.5 billion in December, 2005, thereby reducing the year-to-date deficit to $6 billion for the period April to December, 2005. Expenditure for the period April to December, 2005, amounted to $170.9 billion and revenue $164.9 billion.
A government spokesman said that the surplus in December was mainly due to Profits Tax and Salaries Tax receipts. He added that an assessment of the likely result for the current financial year would be provided by the Financial Secretary in his Budget Speech on February 22, 2006.
The fiscal reserves stood at $290 billion as at December 31, 2005.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Nine months ended
December 31, 2005 December 31, 2005
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HK$ million HK$ million
Revenue 24,360.9 164,945.3
Expenditure (17,860.0) (170,903.4)
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Surplus/(Deficit) 6,500.9 (5,958.1)
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Financing
Domestic
Banking Sector(Note 1) (6,612.9) 4,034.0
Non-Banking Sector 112.0 1,924.1
External - -
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Total (6,500.9) 5,958.1
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Government Debts as at December 31, 2005 (Note 2)
HK$24,728.5 million
Debts Guaranteed by Government as at December 31, 2005 (Note 3)
HK$5,554.2 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $24,728.5 million as at December 31, 2005 comprise :
(i) Toll Revenue Bond of $4,784.6 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 $19,943.9 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional notes, $2,550 million will mature in July 2006 and the rest will mature within the period July 2008 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Nine months ended
December 31, 2005 December 31, 2005
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HK$ million HK$ million
Fiscal Reserves at
start of period 283,522.3 295,981.3
Add: Consolidated
Surplus/(Deficit) 6,500.9 (5,958.1)
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Fiscal Reserves
at end of period 290,023.2 290,023.2
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Ends/Friday, January 27, 2006
Issued at HKT 16:16
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