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The Government announced today (August 31) its financial results for the four months ended July 31.
Expenditure for the period April to July was $89.6 billion and revenue $54.4 billion, resulting in a deficit of $35.2 billion.
A government spokesman said 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 $459.2 billion as at July 31.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Four months ended
July 31, 2009 July 31, 2009
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HK$ million HK$ million
Revenue 15,709.2 54,440.2
Expenditure (26,656.8) (89,599.1)
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Deficit (10,947.6) (35,158.9)
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Financing
Domestic
Banking Sector 10,789.2 33,877.8
(Note 1)
Non-Banking Sector 158.4 1,281.1
External - -
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Total 10,947.6 35,158.9
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Government Debts as at July 31, 2009 (Note 2)
HK$12,110.6 million
Debts Guaranteed by Government as at July 31, 2009 (Note 3)
HK$17,570.7 million
TABLE 2. FISCAL RESERVES
Month ended Four months ended
July 31, 2009 July 31, 2009
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HK$ million HK$ million
Fiscal Reserves 470,153.0 494,364.3
at start of period
Consolidated (10,947.6) (35,158.9)
Deficit ------------- -----------------
Fiscal Reserves 459,205.4 459,205.4
at end of period ------------- -----------------
Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total Government debts of $12,110.6 million as at July 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 $11,188.1 million (including US$1.25 billion denominated in United States dollars). The outstanding institutional notes 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/Monday, August 31, 2009
Issued at HKT 16:30
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