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The Government announced today (December 31) its financial results for the eight months ended November 30, 2010.
There was a surplus of $21.5 billion in the month of November, thereby bringing a net surplus of $17.2 billion up to end of November, 2010. Expenditure for the eight-month period amounted to $195.7 billion and revenue $212.9 billion.
A government spokesman said that the surplus in November was mainly due to the collection of profits tax. The revised estimates for the current financial year will be published along with the 2011-12 Budget on February 23, 2011.
The fiscal reserves stood at $537.5 billion as at November 30, 2010.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Eight months ended
November 30, 2010 November 30, 2010
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HK$ million HK$ million
Revenue 44,467.9 212,853.2
Expenditure (22,946.5) (195,681.9)
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Surplus 21,521.4 17,171.3
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Financing
Domestic
Banking Sector (21,561.3) (17,864.1)
(Note 2)
Non-Banking Sector 39.9 692.8
External - -
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Total (21,521.4) (17,171.3)
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Government Debts as at November 30, 2010 (Note 3)
HK$11,206.6 million
Debts Guaranteed by Government as at November 30, 2010 (Note 4)
HK$69,230.6 million
TABLE 2. FISCAL RESERVES
Month ended Eight months ended
November 30, 2010 November 30, 2010
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HK$ million HK$ million
Fiscal Reserves 515,931.3 520,281.4
at start of period
Consolidated Surplus 21,521.4 17,171.3
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Fiscal Reserves 537,452.7 537,452.7
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 November 30, 2010, is $21,607.3 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 November 30, 2010, which will mature within the period August 2014 to July 2019. Bonds of $21,500 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of the outstanding bonds, $3,500 million will mature in September 2011 and the rest will mature within the period March 2012 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 the Ocean Park Corporation.
Ends/Friday, December 31, 2010
Issued at HKT 16:31
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