****************************************************
The Government announced today (May 30) its financial results for April 2006, the first month of the current financial year.
Expenditure for the first month amounted to $20.7 billion and revenue $29.7 billion, resulting in a surplus of $9 billion.
A government spokesman said that the surplus of $9 billion for April was mainly due to receipts of land premium and salaries tax. For the land premium, a total of $12.7 billion was received in April mainly from private treaty grants for railway projects.
The fiscal reserves stood at $319.6 billion as at April 30, 2006.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended
April 30, 2006
--------------
HK$ million
Revenue 29,671.3
Expenditure (20,708.4)
-------------
Surplus 8,962.9
-------------
Financing
Domestic
Banking Sector (Note 1) (9,325.9)
Non-Banking Sector 363.0
External -
------------
Total (8,962.9)
------------
Government Debts as at April 30, 2006 (Note 2)
HK$24,581.1 million
Debts Guaranteed by Government as at April 30, 2006 (Note 3)
HK$5,296.8 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $24,581.1 million as at April 30, 2006 comprise :
(i) Toll Revenue Bond of $4,639.9 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 $19,941.2 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional notes, $2,550 million will mature in July 2006 and the rest will mature within the period July 2008 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended
April 30, 2006
--------------
HK$ million
Fiscal Reserves at start of period 310,618.6
Add: Consolidated Surplus 8,962.9
------------
Fiscal Reserves at end of period 319,581.5
------------
Ends/Tuesday, May 30, 2006
Issued at HKT 16:16
NNNN
