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Financial results for the month ended April 30, 2014

     The Government announced today (May 30) its financial results for April 2014, the first month of the current financial year.

     Expenditure for the first month amounted to HK$29.6 billion and revenue HK$34.4 billion, resulting in a surplus of HK$4.8 billion.

     A government spokesperson said that the surplus in April was mainly due to the receipt of stamp duties and salaries tax.

     The fiscal reserves stood at HK$760.5 billion as at April 30, 2014.

     More detailed figures are shown in Tables 1 and 2.


                                Month ended
                              April 30, 2014
                                HK$ million

Revenue                          34,432.5
Expenditure                     (29,600.5)
Surplus                           4,832.0

  Banking Sector                 (5,412.9)
   (Note 2)
  Non-Banking Sector                580.9
 External                            -
Total                            (4,832.0)

Government Debts as at April 30, 2014 (Note 3)
  HK$11,191.6 million
Debts Guaranteed by Government as at April 30, 2014 (Note 4)
  HK$76,462.7 million


                                Month ended
                              April 30, 2014
                                HK$ million

Fiscal Reserves                  755,716.7
at start of period

Consolidated Surplus               4,832.0

Fiscal Reserves                  760,548.7
at end of period


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 April 30, 2014, was HK$103,672 million.

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

3. These were the outstanding institutional notes as at April 30, 2014. Of these notes, repayment of US$1,250 million, equivalent to HK$9,691.6 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$97,000 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$800 million had been repaid early on May 15, 2014, for issuance of other bonds with the same nominal value under the Switch Tender; HK$20,000 million will mature within the period from June 2014 to April 2015 and the rest within the period from May 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 and the commercial loan of the Ocean Park Corporation.

Ends/Friday, May 30, 2014
Issued at HKT 16:30


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