*********************************
The government accounts for 2006-07, which ended on March 31, 2007, were gazetted today (July 13).
Revenue for the year amounted to $288 billion and expenditure to $229.4 billion, resulting in a surplus of $58.6 billion.
The fiscal reserves stood at $369.3 billion at March 31, 2007, an increase of $58.6 billion compared with the balance of $310.7 billion as at March 31, 2006.
A government spokesman said that the final results for the financial year 2006-07 are the same as the provisional results published on April 30, 2007.
The spokesman added 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.
Ends/Friday, July 13, 2007
Issued at HKT 11:00
NNNN
