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The Government announced today (January 31) its financial results for the nine months ended December 31, 2006.
There was a surplus of $9.4 billion in December, thereby bringing a net surplus of $5.8 billion up to end of December. Expenditure for the period April to December 2006 amounted to $169 billion and revenue $174.8 billion.
A government spokesman said that the surplus in December was mainly due to the collection of proceeds from sale of land, profits tax and salaries tax. The revised estimates for the current financial year were being assessed and would be published along with the 2007-08 Budget on February 28, 2007.
The fiscal reserves stood at $316.5 billion as at December 31, 2006.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Nine months ended
December 31, 2006 December 31, 2006
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HK$ million HK$ million
Revenue 26,926.4 174,812.2
Expenditure (17,525.4) (168,995.3)
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Surplus 9,401.0 5,816.9
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Financing
Domestic
Banking Sector (Note 1) (9,002.6) (8,130.3)
Non-Banking Sector (398.4) 2,313.4
External - -
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Total (9,401.0) (5,816.9)
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Government Debts as at December 31, 2006 (Note 2)
HK$21,771.5 million
Debts Guaranteed by Government as at December 31, 2006 (Note 3)
HK$5,270.5 million
TABLE 2. FISCAL RESERVES
Month ended Nine months ended
December 31, 2006 December 31, 2006
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HK$ million HK$ million
Fiscal Reserves at
start of period 307,078.5 310,662.6
Add: Consolidated
Surplus 9,401.0 5,816.9
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Fiscal Reserves at
end of period 316,479.5 316,479.5
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Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $21,771.5 million as at December 31, 2006 comprise:
(i) Toll Revenue Bond of $4,348.4 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of government tolled tunnels and bridges. Of the outstanding Toll Revenue Bond, $880 million will mature in May 2007 and the rest will mature by May 2016 but may be fully repaid before then; and
(ii) Retail bonds and institutional notes totalling $17,423.1 million (including US$1.25 billion denominated in United States dollars). The maturity dates of these bonds and notes fall 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.
Ends/Wednesday, January 31, 2007
Issued at HKT 16:15
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