****************************************************
The Government announced today (May 31) its financial results for April 2007, the first month of the current financial year.
Expenditure for the first month amounted to $17.6 billion and revenue $24.2 billion, resulting in a surplus of $6.6 billion.
A government spokesman said that the surplus of $6.6 billion for April was mainly due to receipts of salaries tax and land premium. For the land premium, a total of $7.3 billion was received in April mainly from sales by public auction.
The fiscal reserves stood at $375.8 billion as at April 30, 2007.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended
April 30, 2007
--------------
HK$ million
Revenue 24,210.0
Expenditure (17,633.0)
------------
Surplus 6,577.0
------------
Financing
Domestic
Banking Sector (Note 1) (6,941.1)
Non-Banking Sector 364.1
External -
-------------
Total (6,577.0)
-------------
Government Debts as at April 30, 2007 (Note 2)
HK$21,676.4 million
Debts Guaranteed by Government as at April 30, 2007 (Note 3)
HK$5,026.3 million
TABLE 2. FISCAL RESERVES
Month ended
April 30, 2007
--------------
HK$ million
Fiscal Reserves at start of period 369,252.3
Add: Consolidated Surplus 6,577.0
------------
Fiscal Reserves at end of period 375,829.3
------------
Notes:
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $21,676.4 million as at April 30, 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 $17,476.3 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.
Ends/Thursday, May 31, 2007
Issued at HKT 16:15
NNNN
