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The Government announced today (January 30) its financial results for the nine months ended December 31, 2014.
There was a surplus of HK$12.6 billion in the month of December, thereby bringing a cumulative year-to-date surplus of HK$35.2 billion before or HK$25.5 billion after repayment of bonds and notes. The HK$9.7 billion repayment of institutional notes was made in July 2014. Expenditure for the nine-month period amounted to HK$284.7 billion and revenue HK$319.9 billion.
A government spokesperson said that the surplus in December was mainly due to the collection of profits tax and salaries tax. The revised estimates for the current financial year will be published along with the 2015-16 Budget on February 25, 2015.
The fiscal reserves stood at HK$781.2 billion as at December 31, 2014.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Nine months ended
December 31, 2014 December 31, 2014
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HK$ million HK$ million
Revenue (Note 2) 46,603.4 319,873.8
Expenditure (34,019.1) (284,710.5)
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Surplus before 12,584.3 35,163.3
Repayment of
Bonds and Notes
Repayment of - (9,687.8)
Bonds and Notes
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Surplus after 12,584.3 25,475.5
Repayment of
Bonds and Notes
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Financing
Domestic
Banking Sector (12,751.4) (26,104.2)
(Note 3)
Non-Banking Sector 167.1 628.7
External - -
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Total (12,584.3) (25,475.5)
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Government Debts as at December 31, 2014 (Note 4)
HK$1,500 million
Debts Guaranteed by Government as at December 31, 2014 (Note 5)
HK$65,754.6 million
TABLE 2. FISCAL RESERVES
Month ended Nine months ended
December 31, 2014 December 31, 2014
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HK$ million HK$ million
Fiscal Reserves 768,607.9 755,716.7
at start of period
Surplus after 12,584.3 25,475.5
Repayment of
Bonds and Notes
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Fiscal Reserves 781,192.2 781,192.2
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 December 31, 2014, was HK$112,718 million.
2. In accordance with a directive made by the Financial Secretary, the investment income in respect of the fiscal reserves for 2014 was retained within the Exchange Fund, as provision for a Housing Reserve, and not paid on December 31, 2014.
3. Includes transactions with the Exchange Fund and resident banks.
4. These were the outstanding institutional notes as at December 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$96,500 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,756.8 million as at December 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$28,000 million will mature within the period from January 2015 to December 2015 and the rest within the period from January 2016 to August 2024.
5. 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, January 30, 2015
Issued at HKT 16:30
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