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The Government announced today (June 30) its financial results for the two months ended May 31, 2006.
Expenditure for the period April to May, 2006, amounted to $37.6 billion and revenue $39.2 billion, resulting in a consolidated surplus of $1.6 billion.
A government spokesman said that the consolidated surplus of $1.6 billion for the period ended May 31, 2006, was mainly due to receipts of a total of $13.2 billion land premium in these two months. The land premium was mainly from private treaty grants for railway projects.
The government spokesman added that despite the consolidated surplus of $1.6 billion, there was an operating deficit of $5.8 billion for the period.
The fiscal reserves stood at $312.2 billion as at May 31, 2006.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Two months ended
May 31, 2006 May 31, 2006
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HK$ million HK$ million
Revenue 9,540.3 39,211.6
Expenditure (16,941.9) (37,650.3)
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Surplus/(Deficit) (7,401.6) 1,561.3
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Financing
Domestic
Banking Sector(Note 1) 6,551.5 (2,774.4)
Non-Banking Sector 850.1 1,213.1
External - -
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Total 7,401.6 (1,561.3)
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Government Debts as at May 31, 2006 (Note 2)
HK$24,468.9 million
Debts Guaranteed by Government as at May 31, 2006 (Note 3)
HK$5,204.2 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $24,468.9 million as at May 31, 2006 comprise:
(i) Toll Revenue Bond of $4,522.7 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 $19,946.2 million (including US$1.25 billion denominated in United States dollars). Of the outstanding retail bonds and institutional note, $2,550 million will mature in July, 2006, and the rest will mature within the period July, 2008, to July, 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES
Month ended Two months ended
May 31, 2006 May 31, 2006
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HK$ million HK$ million
Fiscal Reserves 319,581.5 310,618.6
at start of period
Add: Consolidated (7,401.6) 1,561.3
Surplus/(Deficit)
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Fiscal Reserves
at end of period 312,179.9 312,179.9
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Ends/Friday, June 30, 2006
Issued at HKT 16:32
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