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The Government announced today (February 26) its financial results for the 10 months ended January 31, 2010.
There was a surplus of $49.1 billion in the month of January, thereby bringing a net surplus of $47.9 billion up to end of January, 2010. Expenditure for the period amounted to $227.8 billion and revenue $275.7 billion.
A government spokesman said that the surplus in January was mainly due to the receipt of land premium, salaries tax and profits tax. Taking into account the projected revenue and expenditure towards the year-end, the revised estimate for the 2009-10 financial year, as announced in the Budget Speech on February 24, is a surplus of $13.8 billion.
The fiscal reserves stood at $542.2 billion as at January 31, 2010.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended 10 months ended
January 31, 2010 January 31, 2010
---------------- ----------------
HK$ million HK$ million
Revenue 71,973.0 275,683.5
Expenditure (Note 2) (22,863.6) (227,812.1)
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Surplus 49,109.4 47,871.4
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Financing
Domestic
Banking Sector (48,304.2) (48,894.8)
(Note 3)
Non-Banking Sector (805.2) 1,023.4
External - -
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Total (49,109.4) (47,871.4)
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Government Debts as at January 31, 2010 (Note 4)
HK$11,780.7 million
Debts Guaranteed by Government as at January 31, 2010 (Note 5)
HK$46,893.1 million
TABLE 2. FISCAL RESERVES
Month ended 10 months ended
January 31, 2010 January 31, 2010
---------------- ----------------
HK$ million HK$ million
Fiscal Reserves 493,126.3 494,364.3
at start of period
Consolidated Surplus 49,109.4 47,871.4
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Fiscal Reserves 542,235.7 542,235.7
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 January 31, 2010 is $8,095.3 million.
2. Expenditure for the 10 months ended January 31, 2010 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 $11,780.7 million as at January 31, 2010 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 $11,205.0 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 $8,000 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 January 2020.
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/Friday, February 26, 2010
Issued at HKT 16:30
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