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The Government announced today (June 30) its financial results for the two months ended May 31, 2011.
Expenditure for the period April to May 2011 amounted to $49.9 billion and revenue $43.5 billion, resulting in a deficit of $6.4 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 toward the end of a financial year.
The fiscal reserves stood at $589.0 billion as at May 31, 2011.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Two months ended
May 31, 2011 May 31, 2011
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HK$ million HK$ million
Revenue 19,220.8 43,439.8
Expenditure (27,158.6) (49,883.3)
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Deficit (7,937.8) (6,443.5)
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Financing
Domestic
Banking Sector 6,762.8 4,622.6
(Note 2)
Non-Banking Sector 1,175.0 1,820.9
External - -
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Total 7,937.8 6,443.5
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Government Debts as at May 31, 2011 (Note 3)
HK$11,224.7 million
Debts Guaranteed by Government as at May 31, 2011 (Note 4)
HK$76,702.3 million
TABLE 2. FISCAL RESERVES
Month ended Two months ended
May 31, 2011 May 31, 2011
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HK$ million HK$ million
Fiscal Reserves 596,896.9 595,402.6
at start of period
Consolidated Deficit (7,937.8) (6,443.5)
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Fiscal Reserves 588,959.1 588,959.1
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 May 31, 2011, is $30,893 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 May 31, 2011, which will mature within the period August 2014 to July 2019. Bonds of $30,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of the outstanding bonds, $7,000 million will mature within the period September 2011 to May 2012 and the rest will mature within the period June 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, June 30, 2011
Issued at HKT 16:31
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