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The Government announced today (January 31) its financial results for the nine months ending December 31, 2010.
There was a surplus of $41.8 billion in the month of December, thereby bringing a surplus of $59 billion up to end of December, 2010. Expenditure for the nine-month period amounted to $220.2 billion and revenue $279.2 billion.
A government spokesman said that the surplus in December was mainly due to the receipt of $33.8 billion investment income on fiscal reserves. 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 $579.3 billion as at December 31, 2010.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Nine months ended
December 31, 2010 December 31, 2010
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HK$ million HK$ million
Revenue 66,360.8 279,214.0
Expenditure (24,552.2) (220,234.1)
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Surplus 41,808.6 58,979.9
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Financing
Domestic
Banking Sector (41,837.9) (59,702.0)
(Note 2)
Non-Banking Sector 29.3 722.1
External - -
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Total (41,808.6) (58,979.9)
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Government Debts as at December 31, 2010 (Note 3)
HK$11,229.1 million
Debts Guaranteed by Government as at December 31, 2010 (Note 4)
HK$69,885.4 million
TABLE 2. FISCAL RESERVES
Month ended Nine months ended
December 31, 2010 December 31, 2010
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HK$ million HK$ million
Fiscal Reserves 537,452.7 520,281.4
at start of period
Consolidated Surplus 41,808.6 58,979.9
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Fiscal Reserves 579,261.3 579,261.3
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 December 31, 2010 is $25,074.4 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 December 31, 2010, which will mature within the period August 2014 to July 2019. Bonds of $24,000 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/Monday, January 31, 2011
Issued at HKT 16:30
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