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The Government announced today (January 30) its financial results for the nine months ended December 31, 2013.
There was a surplus of HK$55.1 billion in the month of December, thereby bringing a net surplus of HK$31.4 billion up to the end of December, 2013. Expenditure for the nine-month period amounted to HK$295.3 billion and revenue HK$326.7 billion.
A government spokesperson said that the surplus in December was mainly due to the receipt of HK$36.8 billion investment income on fiscal reserves. The revised estimates for the current financial year will be published along with the 2014-15 Budget on February 26, 2014.
The fiscal reserves stood at HK$765.3 billion as at December 31, 2013.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Nine months ended
December 31, 2013 December 31, 2013
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HK$ million HK$ million
Revenue 86,484.7 326,764.6
Expenditure (31,346.2) (295,332.4)
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Surplus 55,138.5 31,432.2
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Financing
Domestic
Banking Sector (55,035.6) (32,101.2)
(Note 2)
Non-Banking Sector (102.9) 669.0
External - -
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Total (55,138.5) 31,432.2
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Government Debts as at December 31, 2013 (Note 3)
HK$11,193.3 million
Debts Guaranteed by Government as at December 31, 2013 (Note 4)
HK$78,449.0 million
TABLE 2. FISCAL RESERVES
Month ended Nine months ended
December 31, 2013 December 31, 2013
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HK$ million HK$ million
Fiscal Reserves 710,207.8 733,914.1
at start of period
Consolidated Surplus 55,138.5 31,432.2
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Fiscal Reserves 765,346.3 765,346.3
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 December 31, 2013 is HK$97,302 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These are the outstanding institutional notes as at December 31, 2013. Of these notes, US$1,250 million, equivalent to HK$9,693.3 million, will mature in August 2014 and the rest denominated in Hong Kong dollars in July 2019. The outstanding bonds of HK$90,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$23,500 million will mature within the period from January 2014 to December 2014 and the rest within the period from January 2015 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/Thursday, January 30, 2014
Issued at HKT 16:30
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