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The Government announced today (September 30) its financial results for the five months ended August 31, 2013.
Expenditure for the period April to August 2013 amounted to HK$170.3 billion and revenue HK$126.3 billion, resulting in a deficit of HK$44 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$689.9 billion as at August 31, 2013.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Five months ended
August 31, 2013 August 31, 2013
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HK$ million HK$ million
Revenue 14,975.9 126,292.7
Expenditure (31,898.1) (170,327.4)
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Deficit (16,922.2) (44,034.7)
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Financing
Domestic
Banking Sector 16,952.1 42,966.1
(Note 2)
Non-Banking Sector (29.9) 1,068.6
External - -
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Total 16,922.2 44,034.7
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Government Debts as at August 31, 2013 (Note 3)
HK$11,194.3 million
Debts Guaranteed by Government as at August 31, 2013 (Note 4)
HK$79,344.4 million
TABLE 2. FISCAL RESERVES
Month ended Five months ended
August 31, 2013 August 31, 2013
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HK$ million HK$ million
Fiscal Reserves 706,801.6 733,914.1
at start of period
Consolidated Deficit (16,922.2) (44,034.7)
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Fiscal Reserves 689,879.4 689,879.4
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 August 31, 2013, is HK$90,749 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These are the outstanding institutional notes as at August 31, 2013. Of these notes, US$1.25 billion, equivalent to HK$9,694.3 million, will mature in August 2014 and the rest denominated in Hong Kong dollars in July 2019. The outstanding bonds of HK$87,000 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 September 9, 2013; HK$13,500 million will mature within the period from October 2013 to August 2014 and the rest within the period from September 2014 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/Monday, September 30, 2013
Issued at HKT 16:30
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