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The Government announced today (March 31) its financial results for the 11 months ended February 28, 2010.
There was a deficit of $0.9 billion in the month of February, thereby bringing the net surplus down to $47.0 billion up to end of February, 2010. Expenditure for the period amounted to $249.9 billion and revenue $296.9 billion.
A government spokesman said that the February figures had not reflected major expenditure items such as funding support for the West Island Line and payment for Sichuan Reconstruction.
The fiscal reserves stood at $541.4 billion as at February 28, 2010.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended 11 months ended
February 28, 2010 February 28, 2010
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HK$ million HK$ million
Revenue 21,265.1 296,948.6
Expenditure (Note 2) (22,127.5) (249,939.6)
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(Deficit)/Surplus (862.4) 47,009.0
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Financing
Domestic
Banking Sector 515.1 (48,379.7)
(Note 3)
Non-Banking Sector 347.3 1,370.7
External - -
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Total 862.4 (47,009.0)
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Government Debts as at February 28, 2010 (Note 4)
HK$11,202.5 million
Debts Guaranteed by Government as at February 28, 2010 (Note 5)
HK$49,733.3 million
TABLE 2. FISCAL RESERVES
Month ended 11 months ended
February 28, 2010 February 28, 2010
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HK$ million HK$ million
Fiscal Reserves 542,235.7 494,364.3
at start of period
Consolidated (Deficit)/ (862.4) 47,009.0
Surplus ------------------ -----------------
Fiscal Reserves 541,373.3 541,373.3
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 February 28, 2010 is $8,095.3 million.
2. Expenditure for the 11 months ended February 28, 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. These are the outstanding institutional notes (including US$1.25 billion denominated in United States dollars) as at February 28, 2010, which will mature within the period August 2014 to July 2019. The outstanding Toll Revenue Bond had been fully repaid to Hong Kong Link 2004 Limited on February 4, 2010. 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/Wednesday, March 31, 2010
Issued at HKT 16:32
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