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The Government announced today (October 30) its financial results for the six months ended September 30, 2009.
Expenditure for the period April to September 2009 amounted to $137.2 billion and revenue $72.4 billion, resulting in a deficit of $64.8 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 $429.6 billion as at September 30, 2009.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Six months ended
September 30, 2009 September 30, 2009
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HK$ million HK$ million
Revenue 8,973.6 72,398.8
Expenditure (23,274.3) (137,177.9)
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Deficit (14,300.7) (64,779.1)
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Financing
Domestic
Banking Sector 14,375.4 63,432.6
(Note 2)
Non-Banking Sector (74.7) 1,346.5
External - -
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Total 14,300.7 64,779.1
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Government Debts as at September 30, 2009 (Note 3)
HK$11,955.0 million
Debts Guaranteed by Government as at September 30, 2009 (Note 4)
HK$27,858.8 million
TABLE 2. FISCAL RESERVES
Month ended Six months ended
September 30, 2009 September 30, 2009
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HK$ million HK$ million
Fiscal Reserves 443,885.9 494,364.3
at start of period
Consolidated (14,300.7) (64,779.1)
Deficit
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Fiscal Reserves 429,585.2 429,585.2
at end of period
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Notes :
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at September 30, 2009 is $3,522.8 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. The total Government debts of $11,955.0 million as at September 30, 2009 comprise :
(i) Toll Revenue Bond of $766.9 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.
Bonds of $3,500 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. These bonds will mature by September 2011.
4. 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, October 30, 2009
Issued at HKT 16:30
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