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The Government announced today (April 30) the provisional financial results for the year ended March 31, 2012.
Expenditure for the year ended March 31, 2012, amounted to $364 billion and revenue $437.7 billion, resulting in a surplus of $73.7 billion.
The government spokesperson said that the provisional surplus of $73.7 billion represented an increase of $7 billion over the revised estimate. Revenue was $4.6 billion higher than expected, largely as a result of higher receipts of stamp duties and land premiums. Expenditure was $2.4 billion lower than forecast for the revised estimate mainly due to lower requirements.
The fiscal reserves stood at $669.1 billion as at March 31, 2012.
The spokesperson added that these were provisional figures pending the final closing of the annual accounts. According to past experience, any changes to the provisional figures were unlikely to be significant.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL) (Note 1)
Month ended Year ended
March 31, 2012 March 31, 2012
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HK$ million HK$ million
Revenue 24,477.8 437,719.6
Expenditure (35,297.1) (364,030.4)
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(Deficit)/Surplus (10,819.3) 73,689.2
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Financing
Domestic
Banking Sector 10,379.5 (72,492.7)
(Note 2)
Non-Banking Sector 439.8 (1,196.5)
External - -
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Total 10,819.3 (73,689.2)
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Government Debts as at March 31, 2012 (Note 3)
$11,207.5 million
Debts Guaranteed by Government as at March 31, 2012 (Note 4)
$71,166.9 million
TABLE 2. FISCAL RESERVES (PROVISIONAL)
Month ended Year ended
March 31, 2012 March 31, 2012
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HK$ million HK$ million
Fiscal Reserves 679,911.1 595,402.6
at start of period
Consolidated (10,819.3) 73,689.2
(Deficit)/Surplus-------------- --------------
Fiscal Reserves 669,091.8 669,091.8
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 March 31, 2012, is $52,019 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 March 31, 2012, which will mature within the period August 2014 to July 2019. The outstanding bonds of $49,500 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, $7,000 million will mature within the period from April 2012 to March 2013 and the rest will mature within the period from April 2013 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/Monday, April 30, 2012
Issued at HKT 16:31
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