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The government accounts for 2005-06, which ended on March 31, 2006, were gazetted today (July 21).
Revenue for the year amounted to $247.1 billion and expenditure to $233.1 billion, resulting in a surplus of $14 billion.
The fiscal reserves stood at $310.7 billion at March 31, 2006, an increase of $14.7 billion compared with the balance of $296 billion at end-March 2005. This increase comprised the surplus of $14 billion for the year ended March 31, 2006 and $0.7 billion for write-back of provision for loss in investments with the Exchange Fund made in 2004-05.
A government spokesman said that the final results for the financial year 2005-06 are the same as the provisional results published on April 29, 2006.
The spokesman added that the surplus of $14 billion represented an improvement of $9.9 billion over the revised estimate of $4.1 billion announced in the 2006-07 Budget. Revenue was $5.4 billion better than expected, largely as a result of higher collections in stamp duties, profits tax, salaries tax and land premium towards the end of the financial year. Expenditure was $4.5 billion lower than forecast as a result of the strenuous efforts of departments to rein in expenditure and spend only where necessary.
Ends/Friday, July 21, 2006
Issued at HKT 11:00
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