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The Government announced today (January 30) its financial results for the nine months ended December 31, 2008.
There was a surplus of $40.3 billion in December, thereby bringing a net surplus of $30.9 billion up to end of December, 2008. Expenditure for the period April to December 2008 amounted to $205.4 billion and revenue $236.3 billion.
A government spokesman said that the surplus in December was mainly due to the receipts of salaries tax, profits tax and investment income on fiscal reserves of $46.4 billion from the Exchange Fund. On the other hand, major one-off expenditure including injection to Mandatory Provident Funds accounts and the Research Endowment Fund had not been reflected in the December figures.
The spokesman added that despite the larger number of holdover cases, revenue from salaries tax and profits tax had been better than expected. The revised estimates for the current financial year will be published along with the 2009-10 Budget on February 25.
The fiscal reserves stood at $523.8 billion as at December 31, 2008.
More detailed figures are shown in Tables 1 and 2.
Table 1. Consolidated Account
Month ended Nine months ended
December 31, 2008 December 31, 2008
----------------- -----------------
HK$ million HK$ million
Revenue 74,279.5 236,364.6
Expenditure (34,021.2) (205,442.1)
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Surplus 40,258.3 30,922.5
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Financing
Domestic
Banking Sector (40,333.9) (31,727.6)
(Note 1)
Non-Banking Sector 75.6 805.1
External - -
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Total (40,258.3) (30,922.5)
---------- -----------
Government Debts as at December 31, 2008 (Note 2)
HK$16,800.1 million
Debts Guaranteed by Government as at December 31, 2008 (Note 3)
HK$4,248.3 million
Table 2. Fiscal Reserves
Month ended Nine months ended
December 31, 2008 December 31, 2008
----------------- -----------------
HK$ million HK$ million
Fiscal Reserves 483,578.7 492,914.5
at start of period
Consolidated 40,258.3 30,922.5
Surplus --------- ---------
Fiscal Reserves 523,837.0 523,837.0
at end of period ---------- ---------
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $16,800.1 million as at December 31, 2008 comprise :
(i) Toll Revenue Bond of $2,112.6 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 $14,687.5 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 launched in 1998, the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the Film Guarantee Fund and commercial loan of the Ocean Park Corporation.
Ends/Friday, January 30, 2009
Issued at HKT 16:30
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