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The Government announced today (August 29) its financial results for the four months ended July 31, 2008.
Expenditure for the period April to July 2008 amounted to $84.5 billion and revenue $60.3 billion, resulting in a deficit of $24.2 billion.
A government spokesman said that the deficit for the period was mainly because some major revenue items including salaries and profits taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at $468.7 billion as at July 31, 2008.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Four months ended
July 31, 2008 July 31, 2008
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HK$ million HK$ million
Revenue 17,057.0 60,268.6
Expenditure (24,754.9) (84,495.3)
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Deficit (7,697.9) (24,226.7)
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Financing
Domestic
Banking Sector(Note 1) 7,887.9 22,524.7
Non-Banking Sector (190.0) 1,702.0
External - -
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Total 7,697.9 24,226.7
Government Debts as at July 31, 2008(Note 2)
HK$17,204.2 million
Debts Guaranteed by Government as at July 31, 2008(Note 3)
HK$4,007.3 million
TABLE 2. FISCAL RESERVES
Month ended Four months ended
July 31, 2008 July 31, 2008
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HK$ million HK$ million
Fiscal Reserves at 476,385.7 492,914.5
start of period
Less : Consolidated Deficit (7,697.9) (24,226.7)
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Fiscal Reserves at
end of period 468,687.8 468,687.8
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Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $17,204.2 million as at July 31, 2008 comprise :
(i) Toll Revenue Bond of $2,450.3 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of government tolled tunnels and bridges. The outstanding Toll Revenue Bond will mature by May 2016 but may be fully repaid before then; and
(ii) Institutional notes of $14,753.9 million (including US$1.25 billion denominated in United States dollars). Of the outstanding amount, $3,500 million will mature in July 2009 and the rest will mature within the period August 2014 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
Ends/Friday, August 29, 2008
Issued at HKT 16:15
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