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The Government announced today (April 30) its provisional financial results for the year ended March 31, 2007.
Expenditure for the year ended March 31, 2007 was $229.4 billion and revenue $288 billion, resulting in a surplus of $58.6 billion.
A government spokesman said that the surplus of $58.6 billion represented an improvement of $3.5 billion over the $55.1 billion surplus forecast in the 2007-08 Budget. He said the improved financial position was mainly because the actual expenditure for the year was $3.6 billion lower than forecast as a result of the strenuous efforts of departments to rein in expenditure and spend only where necessary.
The spokesman noted that the variance between the revised estimate and the provisional results this year was the smallest over the past five years. This reflects continuous efforts of bureaux and departments to improve their financial management.
The fiscal reserves stood at $369.3 billion as at March 31, 2007, an increase of $58.6 billion compared with the balance of $310.7 billion as at March 31, 2006.
The spokesman added that all figures were provisional pending the final closing of the annual accounts but experience showed that any changes to the provisional figures were unlikely to be significant.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL)
Month ended Year ended
March 31, 2007 March 31, 2007
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HK$ million HK$ million
Revenue 43,707.3 287,992.6
Expenditure (22,478.7) (229,387.5)
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Surplus 21,228.6 58,605.1
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Financing
Domestic
Banking Sector (Note 1) (21,314.9) (60,634.2)
Non-Banking Sector 86.3 2,029.1
External - -
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Total (21,228.6) (58,605.1)
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Government Debts as at March 31, 2007 (Note 2)
HK$21,667.4 million
Debts Guaranteed by Government as at March 31, 2007 (Note 3)
HK$5,084.9 million
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The government debts totalling $21,667.4 million as at March 31, 2007 comprise :
(i) Toll Revenue Bond of $4,200.1 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 $17,467.3 million (including US$1.25 billion denominated in United States dollars). The maturity dates of these bonds and notes fall within the period July 2008 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the Self-employment Business Start-up Assistance Scheme, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
TABLE 2. FISCAL RESERVES (PROVISIONAL)
Month ended Year ended
March 31, 2007 March 31, 2007
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HK$ million HK$ million
Fiscal Reserves at
start of period 348,039.1 310,662.6
Add: Consolidated Surplus 21,228.6 58,605.1
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Fiscal Reserves at
end of period 369,267.7 369,267.7
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Ends/Monday, April 30, 2007
Issued at HKT 16:15
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