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The Government announced today (July 30) its financial results for the three months ended June 30, 2010.
Expenditure for the period April to June 2010 amounted to $71.1 billion and revenue $60.8 billion, resulting in a deficit of $10.3 billion.
A government spokesman said that the deficit for the period was mainly because some major types of revenue including salaries and profits taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at $509.9 billion as at June 30, 2010.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Three months ended
June 30, 2010 June 30, 2010
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HK$ million HK$ million
Revenue 26,418.0 60,799.2
Expenditure (27,328.4) (71,143.6)
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Deficit (910.4) (10,344.4)
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Financing
Domestic
Banking Sector 799.9 9,393.8
(Note 2)
Non-Banking Sector 110.5 950.6
External - -
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Total 910.4 10,344.4
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Government Debts as at June 30, 2010 (Note 3)
HK$11,231.6 million
Debts Guaranteed by Government as at June 30, 2010 (Note 4)
HK$61,021.6 million
TABLE 2. FISCAL RESERVES
Month ended Three months ended
June 30, 2010 June 30, 2010
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HK$ million HK$ million
Fiscal Reserves 510,847.4 520,281.4
at start of period
Consolidated Deficit (910.4) (10,344.4)
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Fiscal Reserves 509,937.0 509,937.0
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 June 30, 2010 is $16,087.6 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These are the outstanding institutional notes (including US$1.25 billion denominated in United States dollars) as at June 30, 2010, which will mature within the period August 2014 to July 2019. Bonds of $16,000 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.
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 Ocean Park Corporation.
Ends/Friday, July 30, 2010
Issued at HKT 16:32
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