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The Government announced today (June 30) its financial results for the two months ended May 31, 2009.
Expenditure for the period April to May 2009 amounted to $41.2 billion and revenue $27.6 billion, resulting in a deficit of $13.6 billion.
A government spokesman said that the deficit for the period was mainly because some major types of revenue including salaries tax and profits tax were mostly received towards the end of a financial year.
The fiscal reserves stood at $480.8 billion as at May 31, 2009.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Two months ended
May 31, 2009 May 31, 2009
------------ ----------------
HK$ million HK$ million
Revenue 9,356.9 27,643.4
Expenditure (19,744.4) (41,231.3)
------------ ----------------
Deficit (10,387.5) (13,587.9)
------------ ----------------
Financing
Domestic
Banking Sector 9,921.3 12,484.5
(Note 1)
Non-Banking Sector 466.2 1,103.4
External - -
------------ ----------------
Total 10,387.5 13,587.9
------------ ----------------
Government Debts as at May 31, 2009 (Note 2)
HK$15,613.1 million
Debts Guaranteed by Government as at May 31, 2009 (Note 3)
HK$12,583.1 million
TABLE 2. FISCAL RESERVES
Month ended Two months ended
May 31, 2009 May 31, 2009
------------ ----------------
HK$ million HK$ million
Fiscal Reserves 491,163.9 494,364.3
at start of period
Consolidated (10,387.5) (13,587.9)
Deficit ------------ ----------------
Fiscal Reserves 480,776.4 480,776.4
at end of period ------------ ----------------
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $15,613.1 million as at May 31, 2009 comprise :
(i) Toll Revenue Bond of $922.5 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 2011 but may be fully repaid before then; and
(ii) Institutional notes of $14,690.6 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 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/Tuesday, June 30, 2009
Issued at HKT 16:30
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