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The Government announced today (March 28) its financial results for the 11 months ended February 28, 2013.
There was a deficit of HK$6.2 billion in the month of February, thereby bringing the net surplus down to HK$75.7 billion up to end of February, 2013. Expenditure for the 11-month period amounted to HK$338.7 billion and revenue HK$414.4 billion.
A government spokesperson said that expenditure in March is expected to exceed revenue, resulting in a deficit for the month and further reducing the cumulative surplus.
The fiscal reserves stood at HK$744.8 billion as at February 28, 2013.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended 11 months ended
February 28, 2013 February 28, 2013
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HK$ million HK$ million
Revenue 21,038.9 414,389.0
Expenditure (27,208.2) (338,653.8)
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(Deficit)/Surplus (6,169.3) 75,735.2
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Financing
Domestic
Banking Sector 5,960.5 (74,854.3)
(Note 2)
Non-Banking Sector 208.8 (880.9)
External - -
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Total 6,169.3 (75,735.2)
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Government Debts as at February 28, 2013 (Note 3)
HK$11,196.1 million
Debts Guaranteed by Government as at February 28, 2013 (Note 4)
HK$79,905.7 million
TABLE 2. FISCAL RESERVES
Month ended 11 months ended
February 28, 2013 February 28, 2013
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HK$ million HK$ million
Fiscal Reserves 750,993.1 669,088.6
at start of period
Consolidated (Deficit)/ (6,169.3) 75,735.2
Surplus ----------------- -----------------
Fiscal Reserves 744,823.8 744,823.8
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 February 28, 2013 is HK$75,313 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 February 28, 2013, which will mature within the period from August 2014 to July 2019. The outstanding bonds of HK$70,500 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$3,500 million matured on March 4, 2013; HK$3,500 million will mature within the period from April 2013 to February 2014 and the rest within the period from March 2014 to January 2023.
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 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/Thursday, March 28, 2013
Issued at HKT 18:44
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