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The Government announced today (November 30) its financial results for the seven months ended October 31, 2009.
There was a surplus of $8.0 billion in October, thereby reducing the deficit for the seven months ended October 31, 2009 to $56.8 billion. Expenditure for the period amounted to $161.5 billion and revenue $104.7 billion.
A government spokesman said that the improved financial results in October were mainly due to the collection of profits tax.
The fiscal reserves stood at $437.6 billion as at October 31, 2009.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Seven months ended
October 31, 2009 October 31, 2009
------------------ ------------------
HK$ million HK$ million
Revenue 32,347.4 104,746.2
Expenditure (24,380.2) (161,558.1)
------------------ ------------------
Surplus/ 7,967.2 (56,811.9)
(Deficit) ------------------ ------------------
Financing
Domestic
Banking Sector (7,998.8) 55,433.8
(Note 2)
Non-Banking Sector 31.6 1,378.1
External - -
------------------ ------------------
Total (7,967.2) 56,811.9
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Government Debts as at October 31, 2009 (Note 3)
HK$11,955.0 million
Debts Guaranteed by Government as at October 31, 2009 (Note 4)
HK$35,222.7 million
TABLE 2. FISCAL RESERVES
Month ended Seven months ended
October 31, 2009 October 31, 2009
------------------ ------------------
HK$ million HK$ million
Fiscal Reserves 429,585.2 494,364.3
at start of period
Consolidated Surplus/ 7,967.2 (56,811.9)
(Deficit)
------------------ ------------------
Fiscal Reserves 437,552.4 437,552.4
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 October 31, 2009 is $3,522.5 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. The total government debts of $11,955.0 million as at October 31, 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 in 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/Monday, November 30, 2009
Issued at HKT 16:35
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