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The Government announced today (August 29) its financial results for the four months ended July 31, 2014.
Expenditure for the period April to July 2014 amounted to HK$119 billion and revenue HK$96.8 billion, resulting in a deficit of HK$22.2 billion before repayment of bonds and notes, or a deficit of HK$31.9 billion after repayment of institutional notes of HK$9.7 billion in July 2014.
A government spokesperson said that the deficit for the period was mainly because some major types of revenue including salaries and profits taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at HK$723.8 billion as at July 31, 2014.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Four months ended
July 31, 2014 July 31, 2014
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HK$ million HK$ million
Revenue 29,661.3 96,820.2
Expenditure (31,948.8) (119,044.6)
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Deficit before (2,287.5) (22,224.4)
Repayment of
Bonds and Notes
Repayment of (9,687.8) (9,687.8)
Bonds and Notes
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Deficit after (11,975.3) (31,912.2)
Repayment of
Bonds and Notes
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Financing
Domestic
Banking Sector 11,901.0 30,832.4
(Notes 2 & 3)
Non-Banking Sector 74.3 1,079.8
External - -
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Total 11,975.3 31,912.2
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Government Debts as at July 31, 2014 (Note 4)
HK$1,500 million
Debts Guaranteed by Government as at July 31, 2014
(Note 5)
HK$75,887.7 million
TABLE 2. FISCAL RESERVES
Month ended Four months ended
July 31, 2014 July 31, 2014
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HK$ million HK$ million
Fiscal Reserves 735,779.8 755,716.7
at start of period
Deficit after (11,975.3) (31,912.2)
Repayment of
Bonds and Notes
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Fiscal Reserves 723,804.5 723,804.5
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, 2014, was HK$94,545 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. Financing of deficits before repayment of bonds and notes of US$1,250 million (equivalent to HK$9,687.8 million) under the banking sector was HK$2,213.2 million for the month ended July 31, 2014, and HK$21,144.6 million for the four months ended July 31, 2014.
4. These were the outstanding institutional notes as at July 31, 2014. These notes were denominated in Hong Kong dollars and will mature in July 2019. The outstanding bonds of HK$89,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$26,500 million will mature within the period from August 2014 to July 2015 and the rest within the period from August 2015 to January 2023.
5. 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, a commercial loan of the Ocean Park Corporation and a commercial loan of the Hong Kong Science and Technology Parks Corporation.
Ends/Friday, August 29, 2014
Issued at HKT 16:30
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