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The Government announced today (April 30) its provisional financial results for the year ended March 31, 2009.
Expenditure for the year ended March 31, 2009, amounted to $315.1 billion and revenue $316.5 billion, resulting in a surplus of $1.4 billion. This is more or less a balance.
The spokesman said that the provisional surplus of $1.4 billion represented an improvement of $6.3 billion over the revised estimate. Revenue was $3.6 billion better than expected, largely as a result of higher receipts of salaries tax and profits tax. Expenditure was $2.7 billion lower than forecast for the revised estimates mainly due to lower requirements.
The fiscal reserves stood at $494.3 billion as at March 31, 2009.
The spokesman added that all figures were provisional pending the final closing of the annual accounts but experience showed that any changes to the provisional figures were unlikely to be significant.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL)
Month ended Year ended
March 31, 2009 March 31, 2009
-------------- --------------
HK$ million HK$ million
Revenue 14,838.3 316,541.1
Expenditure (56,612.3) (315,104.6)
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(Deficit)/ (41,774.0) 1,436.5
Surplus -------------- --------------
Financing
Domestic
Banking Sector 41,820.0 (1,135.2)
(Note 1)
Non-Banking Sector (46.0) (301.3)
External - -
-------------- --------------
Total 41,774.0 (1,436.5)
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Government Debts as at March 31, 2009 (Note 2)
HK$16,620.6 million
Debts Guaranteed by Government as at March 31, 2009 (Note 3)
HK$8,491.7 million
TABLE 2. FISCAL RESERVES (PROVISIONAL)
Month ended Year ended
March 31, 2009 March 31, 2009
-------------- --------------
HK$ million HK$ million
Fiscal Reserves 536,125.0 492,914.5
at start of period
Consolidated (41,774.0) 1,436.5
(Deficit)/Surplus ---------- ---------
Fiscal Reserves 494,351.0 494,351.0
at end of period ---------- ---------
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $16,620.6 million as at March 31, 2009, comprise:
(i) Toll Revenue Bond of $1,932.4 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, $0.8 billion will mature in May 2009 and the rest will mature by May 2016 but may be fully repaid before then; and
(ii) Institutional notes of $14,688.2 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/Thursday, April 30, 2009
Issued at HKT 16:31
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