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The Government announced today (March 31) its financial results for the 11 months ended February 28, 2011.
There was a deficit of $9.5 billion in the month of February, thereby bringing the net surplus down to $84.3 billion up to end of February, 2011. Expenditure for the 11-month period amounted to $270.5 billion and revenue $354.8 billion.
A government spokesman said that the majority of income, from key revenue sources such as profits tax, salaries tax and investment income, had already been received. Taking into account the expenditure requirement in March, he expected that the cumulative surplus will decrease in the last month of the financial year. The revised estimate for 2010-11, as announced in the Budget Speech on February 23, is a surplus of $71.3 billion.
The fiscal reserves stood at $604.5 billion as at February 28, 2011.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended 11 months ended
February 28, 2011 February 28, 2011
----------------- -----------------
HK$ million HK$ million
Revenue 15,146.3 354,818.3
Expenditure (24,668.2) (270,557.2)
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(Deficit)/Surplus (9,521.9) 84,261.1
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Financing
Domestic
Banking Sector 9,355.4 (84,476.2)
(Note 2)
Non-Banking Sector 166.5 215.1
External - -
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Total 9,521.9 (84,261.1)
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Government Debts as at February 28, 2011 (Note 3)
HK$11,241.3 million
Debts Guaranteed by Government as at February 28, 2011 (Note 4)
HK$72,806.4 million
TABLE 2. FISCAL RESERVES
Month ended 11 months ended
February 28, 2011 February 28, 2011
----------------- -----------------
HK$ million HK$ million
Fiscal Reserves 614,064.4 520,281.4
at start of period
Consolidated (Deficit)(9,521.9) 84,261.1
/ Surplus ----------------- -----------------
Fiscal Reserves 604,542.5 604,542.5
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, 2011 is $24,977.3 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 February 28, 2011, 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 the commercial loan of the Ocean Park Corporation.
Ends/Thursday, March 31, 2011
Issued at HKT 16:30
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