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The Government announced today (July 31) its financial results for the three months ended June 30, 2012.
Expenditure for the period April to June 2012 amounted to HK$88.5 billion and revenue HK$78.8 billion, resulting in a deficit of HK$9.7 billion.
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$659.4 billion as at June 30, 2012.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Three months ended
June 30, 2012 June 30, 2012
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HK$ million HK$ million
Revenue 30,509.8 78,865.2
Expenditure (31,276.6) (88,530.7)
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Deficit (766.8) (9,665.5)
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Financing
Domestic
Banking Sector 952.2 9,153.7
(Note 2)
Non-Banking Sector (185.4) 511.8
External - -
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Total 766.8 9,665.5
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Government Debts as at June 30, 2012 (Note 3)
HK$11,196.9 million
Debts Guaranteed by Government as at June 30, 2012 (Note 4)
HK$66,600.4 million
TABLE 2. FISCAL RESERVES
Month ended Three months ended
June 30, 2012 June 30, 2012
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HK$ million HK$ million
Fiscal Reserves 660,189.9 669,088.6
at start of period
Consolidated (766.8) (9,665.5)
Deficit ------------- ------------------
Fiscal Reserves 659,423.1 659,423.1
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 June 30, 2012, is HK$66,402 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 June 30, 2012, which will mature within the period from August 2014 to July 2019. The outstanding bonds of HK$64,000 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 July 2012 to June 2013 and the rest will mature within the period from July 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/Tuesday, July 31, 2012
Issued at HKT 16:31
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