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The Government announced today (January 31) its financial results for the nine months ended December 31, 2007.
There was a surplus of $35.6 billion in December, thereby bringing a surplus of $86.2 billion up to end of December, 2007. Expenditure for the period April to December, 2007, was $170.5 billion and revenue $256.7 billion.
A government spokesman explained that the surplus in December was mainly due to the receipts of salaries tax, profits tax and investment income on fiscal reserves of $27.6 billion from the Exchange Fund. We would publish the revised estimates for the current financial year along with the 2008-09 Budget on February 27.
The fiscal reserves stood at $455.5 billion as at December 31, 2007.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT
Month ended Nine months ended
December 31, 2007 December 31, 2007
HK$ million HK$ million
Revenue 54,095.6 256,738.6
Expenditure (18,540.7) (170,544.0)
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Surplus 35,554.9 86,194.6
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Financing
Domestic
Banking Sector (Note 1) (35,374.0) (87,847.9)
Non-Banking Sector (180.9) 1,653.3
External - -
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Total (35,554.9) (86,194.6)
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Government Debts as at
December 31, 2007 (Note 2)
HK$20,278.2 million
Debts Guaranteed by Government
as at December 31, 2007 (Note 3)
HK$4,368.3 million
TABLE 2. FISCAL RESERVES
Month ended Nine months ended
December 31, 2007 December 31, 2007
HK$ million HK$ million
Fiscal Reserves
at start of period 419,903.9 369,264.2
Add : Consolidated
Surplus 35,554.9 86,194.6
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Fiscal Reserves at
end of period 455,458.8 455,458.8
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Notes :
1. Includes transactions with the Exchange Fund and resident banks.
2. The total government debts of $20,278.2 million as at December 31, 2007 comprise :
(i) Toll Revenue Bond of $2,825.3 million to be repaid to Hong Kong Link 2004 Limited by the net toll revenue receivable of government tolled tunnels and bridges. The outstanding Toll Revenue Bond will mature by May 2016 but may be fully repaid before then; and
(ii) Retail bonds and institutional notes totalling $17,452.9 million (including US$1.25 billion denominated in United States dollars). Of the outstanding amount, the retail bonds of $2,700 million will mature in July 2008 and the institutional notes totalling $14,752.9 million will mature within the period July 2009 to July 2019.
3. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises, the SME Loan Guarantee Scheme, the Film Guarantee Fund and the Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries.
Ends/Thursday, January 31, 2008
Issued at HKT 16:15
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