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The Government announced today (December 30) its financial results for the eight months ended November 30, 2011.
There was a deficit of $1.5 billion in the month of November, thereby bringing the net surplus down to $21.2 billion up to end of November 2011. Expenditure for the eight-month period amounted to $233.6 billion and revenue $254.8 billion.
A Government spokesman said that the deficit in November was mainly due to the expenditure under Scheme $6,000. The revised estimates for the current financial year will be published along with the 2012-13 Budget on February 1, 2012.
The fiscal reserves stood at $616.6 billion as at November 30, 2011.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Eight months ended
November 30, 2011 November 30, 2011
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HK$ million HK$ million
Revenue 47,186.6 254,835.3
Expenditure (48,651.8) (233,635.7)
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(Deficit)/Surplus (1,465.2) 21,199.6
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Financing
Domestic
Banking Sector 1,366.7 (19,969.7)
(Note 2)
Non-Banking Sector 98.5 (1,229.9)
External - -
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Total 1,465.2 (21,199.6)
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Government Debts as at November 30, 2011 (Note 3)
$11,237.2 million
Debts Guaranteed by Government as at November 30, 2011 (Note 4)
$74,453.7 million
TABLE 2. FISCAL RESERVES
Month ended Eight months ended
November 30, 2011 November 30, 2011
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HK$ million HK$ million
Fiscal Reserves 618,067.4 595,402.6
at start of period
Consolidated (1,465.2) 21,199.6
(Deficit)/Surplus----------------- ------------------
Fiscal Reserves 616,602.2 616,602.2
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 November 30, 2011, is $46,371 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 November 30, 2011, which will mature within the period August 2014 to July 2019. The outstanding bonds of HK$45,500 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 December 2011 to November 2012 and the rest will mature within the period from December 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/Friday, December 30, 2011
Issued at HKT 16:59
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