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The Government announced today (November 30) its financial results for the seven months ended October 31, 2011.
There was a surplus of HK$28 billion in the month of October, thereby bringing a net surplus of HK$22.7 billion up to end of October, 2011. Expenditure for the seven-month period amounted to HK$184.9 billion and revenue HK$207.6 billion.
A government spokesman said that the surplus in October was mainly due to the collection of profits tax.
The fiscal reserves stood at HK$618.1 billion as at October 31, 2011.
More detailed figures are shown in Tables 1 and 2.
Table 1. Consolidated Account (Note 1)
Month ended Seven months ended
October 31, 2011 October 31, 2011
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HK$ million HK$ million
Revenue 56,730.2 207,648.7
Expenditure (28,683.1) (184,983.9)
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Surplus 28,047.1 22,664.8
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Financing
Domestic
Banking Sector (27,955.1) (21,336.4)
(Note 2)
Non-Banking Sector (92.0) (1,328.4)
External - -
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Total (28,047.1) (22,664.8)
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Government Debts as at October 31, 2011 (Note 3)
$11,206.6 million
Debts Guaranteed by Government as at October 31, 2011 (Note 4)
$75,206.0 million
Table 2. Fiscal Reserves
Month ended Seven months ended
October 31, 2011 October 31, 2011
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HK$ million HK$ million
Fiscal Reserves 590,020.3 595,402.6
at start of period
Consolidated 28,047.1 22,664.8
Surplus ---------------- ------------------
Fiscal Reserves 618,067.4 618,067.4
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 October 31, 2011 is HK$43,265 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 October 31, 2011, which will mature within the period August 2014 to July 2019. The outstanding bonds of HK$42,500 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$7,000 million will mature within the period from November 2011 to October 2012 and the rest will mature within the period from November 2012 to August 2021.
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, November 30, 2011
Issued at HKT 16:45
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