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The Government announced today (December 31) its financial results for the eight months ended November 30, 2009.
There was a surplus of $17.9 billion in the month of November, thereby reducing the deficit for the eight months ended November 30, 2009 to $38.9 billion. Expenditure for the period amounted to $182.2 billion and revenue $143.3 billion.
A government spokesman said that the improved financial results in November were mainly due to the collection of profits tax. He added that revenue sources including land premium and stamp duties were expected to have a better outturn than previous forecast for the year. The revised estimates for the current financial year will be published along with the 2010-11 Budget on February 24, 2010.
The fiscal reserves stood at $455.5 billion as at November 30, 2009.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Eight months ended
November 30, 2009 November 30, 2009
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HK$ million HK$ million
Revenue 38,514.5 143,260.7
Expenditure (Note 2) (20,608.1) (182,166.2)
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Surplus/(Deficit) 17,906.4 (38,905.5)
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Financing
Domestic
Banking Sector (18,177.1) 37,256.7
(Note 3)
Non-Banking Sector 270.7 1,648.8
External - -
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Total (17,906.4) 38,905.5
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Government Debts as at November 30, 2009 (Note 4)
HK$11,763.8 million
Debts Guaranteed by Government as at November 30, 2009 (Note 5)
HK$40,412.3 million
TABLE 2. FISCAL RESERVES
Month ended Eight months ended
November 30, 2009 November 30, 2009
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HK$ million HK$ million
Fiscal Reserves 437,552.4 494,364.3
at start of period
Consolidated Surplus/ 17,906.4 (38,905.5)
(Deficit)
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Fiscal Reserves 455,458.8 455,458.8
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 November 30, 2009 is $5,530.6 million.
2. Expenditure for the eight months ended November 30, 2009 includes $3.5 billion for repayment of government bonds and notes issued in July 2004.
3. Includes transactions with the Exchange Fund and resident banks.
4. The total Government Debts of $11,763.8 million as at November 30, 2009 comprise:
(i) Toll Revenue Bond of $575.7 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 $5,500 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. These bonds will mature within the period September 2011 to November 2014.
5. 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, December 31, 2009
Issued at HKT 16:30
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