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The Government announced today (February 28) its financial results for the 10 months ended January 31, 2014.
There was a surplus of HK$38.4 billion in the month of January, thereby bringing a cumulative surplus of HK$69.8 billion from April 1, 2013 to end of January, 2014. Expenditure for the 10-month period amounted to HK$328.2 billion and revenue HK$398 billion.
The fiscal reserves stood at HK$803.7 billion as at January 31, 2014.
A government spokesperson said that the surplus in January was mainly due to the receipt of salaries tax and profits tax. The bulk of the income for the year from key revenue sources such as profits tax, salaries tax and investment income has already been received. Taking into account various expenditure amounting to more than HK$100 billion in February and March, there will be deficits for those two months. The surplus for the year would decrease to HK$12 billion. The fiscal reserves would be HK$745.9 billion as at end March 2014.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT(Note 1)
Month ended Ten months ended
January 31, 2014 January 31, 2014
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HK$ million HK$ million
Revenue 71,290.2 398,054.8
Expenditure (32,895.1) (328,227.5)
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Surplus 38,395.1 69,827.3
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Financing
Domestic
Banking Sector (37,575.1) (69,676.3)
(Note 2)
Non-Banking Sector (820.0) (151.0)
External - -
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Total (38,395.1) (69,827.3)
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Government Debts as at January 31, 2014 (Note 3)
HK$11,205.3 million
Debts Guaranteed by Government as at January 31, 2014 (Note 4)
HK$77,948.7 million
TABLE 2. FISCAL RESERVES
Month ended Ten months ended
January 31, 2014 January 31, 2014
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HK$ million HK$ million
Fiscal Reserves
at start of period 765,346.3 733,914.1
Consolidated Surplus 38,395.1 69,827.3
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Fiscal Reserves
at end of period 803,741.4 803,741.4
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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 January 31, 2014 is HK$97,802 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These are the outstanding institutional notes as at January 31, 2014. Of these notes, US$1,250 million, equivalent to HK$9,705.3 million, will mature in August 2014 and the rest denominated in Hong Kong dollars in July 2019. The outstanding bonds of HK$91,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$23,500 million will mature within the period from February 2014 to January 2015 and the rest within the period from February 2015 to January 2023.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the Special Concessionary Measures under the SME Financing Guarantee Scheme launched in 2012, the Film Guarantee Fund and the commercial loan of the Ocean Park Corporation.
Ends/Friday, February 28, 2014
Issued at HKT 20:04
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