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The Government announced today (April 30) its provisional financial results for the year ended March 31, 2010.
Expenditure for the year ended March 31, 2010 amounted to $292.5 billion and revenue $318.4 billion, resulting in a surplus of $25.9 billion.
The spokesman said that the provisional surplus of $25.9 billion represented an improvement of $12.1 billion over the revised estimate. Revenue was $9.9 billion better than expected, largely as a result of higher receipts of salaries tax, profits tax, land premium and stamp duties. Expenditure was $2.2 billion lower than forecast for the revised estimate mainly due to lower requirements.
The fiscal reserves stood at $520.3 billion as at March 31, 2010.
The spokesman added that all figures were provisional pending the final closing of the annual accounts but experience showed that any changes to the provisional figures were unlikely to be significant.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL) (Note 1)
Month ended Year ended
March 31, 2010 March 31, 2010
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HK$ million HK$ million
Revenue 21,473.1 318,421.7
Expenditure (Note 2) (42,573.7) (292,513.3)
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(Deficit)/Surplus (21,100.6) 25,908.4
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Financing
Domestic
Banking Sector 20,786.7 (27,593.0)
(Note 3)
Non-Banking Sector 313.9 1,684.6
External - -
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Total 21,100.6 (25,908.4)
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Government Debts as at March 31, 2010 (Note 4)
HK$11,204.7 million
Debts Guaranteed by Government as at March 31, 2010 (Note 5)
HK$52,928.3 million
TABLE 2. FISCAL RESERVES (PROVISIONAL)
Month ended Year ended
March 31, 2010 March 31, 2010
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HK$ million HK$ million
Fiscal Reserves 541,373.3 494,364.3
at start of period
Consolidated (Deficit)/ (21,100.6) 25,908.4
Surplus -------------- --------------
Fiscal Reserves 520,272.7 520,272.7
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 March 31, 2010 is $11,582.4 million.
2. Expenditure for the year ended March 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. These are the outstanding institutional notes (including US$1.25 billion denominated in United States dollars) as at March 31, 2010, which will mature within the period August 2014 to July 2019. Bonds of $11,500 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 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, April 30, 2010
Issued at HKT 16:30
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