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The Government announced today (August 31) its financial results for the four months ended July 31, 2011.
Expenditure for the period April to July 2011 amounted to HK$101.4 billion and revenue HK$94.3 billion, resulting in a deficit of HK$7.1 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 HK$588.3 billion as at July 31, 2011.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Four months ended
July 31, 2011 July 31, 2011
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HK$ million HK$ million
Revenue 29,634.5 94,249.5
Expenditure (27,415.5) (101,392.3)
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Surplus/(Deficit) 2,219.0 (7,142.8)
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Financing
Domestic
Banking Sector (2,071.0) 8,482.2
(Note 2)
Non-Banking Sector (148.0) (1,339.4)
External - -
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Total (2,219.0) 7,142.8
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Government Debts as at July 31, 2011 (Note 3)
HK$11,242.8 million
Debts Guaranteed by Government as at July 31, 2011 (Note 4)
HK$76,163.7 million
TABLE 2. FISCAL RESERVES
Month ended Four months ended
July 31, 2011 July 31, 2011
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HK$ million HK$ million
Fiscal Reserves 586,040.8 595,402.6
at start of period
Consolidated Surplus/ 2,219.0 (7,142.8)
(Deficit) ------------- -----------------
Fiscal Reserves 588,259.8 588,259.8
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 July 31, 2011 is HK$40,764 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 July 31, 2011, which will mature within the period August 2014 to July 2019. Bonds of HK$40,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of the outstanding bonds, HK$7,000 million will mature within the period September 2011 to July 2012 and the rest will mature within the period August 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/Wednesday, August 31, 2011
Issued at HKT 16:36
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