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The Government announced today (November 28) its financial results for the seven months ended October 31, 2014.
There was a surplus of HK$34.3 billion in the month of October, thereby reducing the deficit for the seven months ended October 31, 2014, to HK$3.6 billion before repayment of bonds and notes, or HK$13.3 billion after repayment of institutional notes of HK$9.7 billion in July 2014. Expenditure for the period amounted to HK$219.7 billion and revenue HK$216.1 billion.
A government spokesperson said that the improved financial results in October were mainly due to the collection of profits tax.
The fiscal reserves stood at HK$742.5 billion as at October 31, 2014.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Seven months ended
October 31, 2014 October 31, 2014
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HK$ million HK$ million
Revenue 67,016.4 216,141.6
Expenditure (32,667.7) (219,711.3)
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Surplus/(Deficit) 34,348.7 (3,569.7)
before Repayment
of Bonds and Notes
Repayment of - (9,687.8)
Bonds and Notes
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Surplus/(Deficit) 34,348.7 (13,257.5)
after Repayment
of Bonds and Notes
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Financing
Domestic
Banking Sector (34,245.8) 13,025.9
(Note 2)
Non-Banking Sector (102.9) 231.6
External - -
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Total (34,348.7) 13,257.5
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Government Debts as at October 31, 2014 (Note 3)
HK$1,500 million
Debts Guaranteed by Government as at October 31, 2014 (Note 4)
HK$69,446.5 million
TABLE 2. FISCAL RESERVES
Month ended Seven months ended
October 31, 2014 October 31, 2014
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HK$ million HK$ million
Fiscal Reserves 708,110.5 755,716.7
at start of period
Surplus/(Deficit) 34,348.7 (13,257.5)
after Repayment
of Bonds and Notes
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Fiscal Reserves 742,459.2 742,459.2
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 October 31, 2014, was HK$116,660 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the outstanding institutional notes as at October 31, 2014, which were denominated in Hong Kong dollars and will mature in July 2019. They do not include the outstanding bonds with nominal value of HK$103,500 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,755.3 million as at October 31, 2014) issued under the Government Bond Programme (with proceeds credited to the Bond Fund). Of these bonds under the Government Bond Programme, bonds with nominal value of HK$10,000 million was repaid on November 3, 2014; bonds with nominal value of HK$16,500 million will mature within the period from December 2014 to October 2015 and the rest within the period from November 2015 to August 2024.
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, a commercial loan of the Ocean Park Corporation and a commercial loan of the Hong Kong Science and Technology Parks Corporation.
Ends/Friday, November 28, 2014
Issued at HKT 16:40
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