Provisional financial results for the year ended March 31, 2014

     The Government announced today (April 30) its provisional financial results for the year ended March 31, 2014.

     Expenditure for the year ended March 31, 2014 amounted to HK$433.5 billion and revenue HK$455.3 billion, resulting in a surplus of HK$21.8 billion.

     The variance in expenditure between the original estimate and the provisional results was only HK$6.5 billion (1.5 per cent); the corresponding variance in respect of revenue was HK$20.2 billion (4.7 per cent).

     Compared with the revised estimate, the government spokesperson said that there was an increase of HK$9.8 billion of the provisional results. Revenue was HK$7.5 billion (1.7 per cent) higher than expected, including Buyer's Stamp Duty (HK$3.3 billion), other stamp duties (HK$0.5 billion), profits tax (HK$1.4 billion), salaries tax (HK$0.6 billion), tobacco duty (HK$0.5 billion) and motor vehicle first registration tax (HK$0.5 billion). Expenditure was HK$2.3 billion (0.5 per cent) lower than forecast for the revised estimate mainly due to lower requirements.

     The fiscal reserves stood at HK$755.7 billion as at March 31, 2014.

     The spokesperson added that these were provisional figures pending the final closing of the annual accounts. According to past experience, any changes to the provisional figures would unlikely be significant.

     More detailed figures are shown in Tables 1 and 2.


                    Month ended      Year ended
                  March 31, 2014   March 31, 2014
                  --------------   --------------
                    HK$ million      HK$ million

Revenue              35,218.2         455,338.7
Expenditure         (45,237.6)       (433,534.7)
                   -------------    -------------

(Deficit)/Surplus   (10,019.4)         21,804.0
                   ------------     -------------

    Banking Sector
    (Note 2)         10,193.3        (21,336.0)
    Non-Banking Sector (173.9)          (468.0)
    External             -                -
                   -------------    -------------

Total                10,019.4        (21,804.0)
                   -------------    -------------

Government Debts as at March 31, 2014 (Note 3)
    HK$11,197.2 million
Debts Guaranteed by Government as at March 31, 2014 (Note 4)
    HK$77,217.6 million


                    Month ended      Year ended
                  March 31, 2014    March 31, 2014
                  --------------    --------------
                    HK$ million       HK$ million

Fiscal Reserves
at start of period   765,737.5        733,914.1

(Deficit)/Surplus    (10,019.4)        21,804.0
                   -------------      ------------
Fiscal Reserves
at end of period     755,718.1        755,718.1
                   -------------      ------------

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 March 31, 2014 is HK$100,678 million.

2. Includes transactions with the Exchange Fund and resident banks.

3. These are the outstanding institutional notes as at March 31, 2014. Of these notes, repayment of US$1,250 million, equivalent to HK$9,697.2 million, will be made in July 2014 and the rest denominated in Hong Kong dollars will mature in July 2019. The outstanding bonds of HK$94,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$20,000 million will mature within the period from April 2014 to March 2015 and the rest within the period from April 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/Wednesday, April 30, 2014
Issued at HKT 18:24