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The Government announced today (February 28) its financial results for the 10 months ended January 31, 2006.
There was a surplus of $25.6 billion in January, thereby bringing a net surplus of $19.6 billion up to end of January. Expenditure for the period April 2005 to January 2006 amounted to $191.2 billion and revenue $210.8 billion.
A Government spokesman said that the surplus in January was mainly due to Profits Tax and Salaries Tax receipts.
The fiscal reserves stood at $315.6 billion at January 31, 2006.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Ten months
January 31, ended
2006 January 31,
2006
----------- -----------
HK$ million HK$ million
Revenue 45,875.1 210,820.4
Expenditure (20,285.3) (191,188.7)
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Surplus 25,589.8 19,631.7
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Financing
Domestic
Banking Sector (24,968.7) (20,934.7)
(Note 1)
Non-Banking (621.1) 1,303.0
Sector
External - -
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Total (25,589.8) (19,631.7)
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Government Debts as at January 31, 2006 (Note 2)
HK$24,730.9 million
Debts Guaranteed by Government as at
January 31, 2006 (Note 3)
HK$5,481.9 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $24,730.9 million as at January 31, 2006 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 $19,946.3 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional notes, $2,550 million will mature in July 2006 and the rest will mature within the period July 2008 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Ten months
January 31, ended
2006 January 31,
2006
------------ -----------
HK$ million HK$ million
Fiscal Reserves
at start of 290,023.2 295,981.3
period
Add: Consolidated
Surplus 25,589.8 19,631.7
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Fiscal Reserves at
end of period 315,613.0 315,613.0
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Ends/Tuesday, February 28, 2006
Issued at HKT 16:18
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