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The Government announced today (March 31) its financial results for the 11 months ended February 28, 2015.
There was a deficit of HK$4.5 billion in the month of February, thereby bringing the cumulative year-to-date surplus down to HK$78 billion after repayment of bonds and notes. The HK$9.7 billion repayment of institutional notes was made in July 2014. Expenditure for the 11-month period amounted to HK$357 billion and revenue HK$444.7 billion.
A government spokesperson said that expenditure in March is expected to exceed revenue, resulting in a deficit for the month and further reducing the cumulative surplus.
The fiscal reserves stood at HK$833.7 billion as at February 28, 2015.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended 11 months ended
February 28, 2015 February 28, 2015
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HK$ million HK$ million
Revenue (Note 2) 29,911.4 444,662.1
Expenditure (34,419.0) (356,962.0)
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(Deficit)/Surplus (4,507.6) 87,700.1
before Repayment
of Bonds and Notes
Repayment of - (9,687.8)
Bonds and Notes
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(Deficit)/Surplus (4,507.6) 78,012.3
after Repayment
of Bonds and Notes
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Financing
Domestic
Banking Sector 5,099.0 (76,814.0)
(Note 3)
Non-Banking Sector (591.4) (1,198.3)
External - -
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Total 4,507.6 (78,012.3)
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Government Debts as at February 28, 2015 (Note 4)
HK$1,500 million
Debts Guaranteed by Government as at February 28, 2015 (Note 5)
HK$61,103 million
TABLE 2. FISCAL RESERVES
Month ended 11 months ended
February 28, 2015 February 28, 2015
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HK$ million HK$ million
Fiscal Reserves 838,236.6 755,716.7
at start of period
(Deficit)/Surplus (4,507.6) 78,012.3
after Repayment
of Bonds and Notes
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Fiscal Reserves 833,729.0 833,729.0
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 February 28, 2015, was HK$115,787 million.
2. In accordance with a directive made by the Financial Secretary, the investment income in respect of the fiscal reserves for 2014 of HK$27,487 million 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 February 28, 2015, 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$100,000 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,756 million as at February 28, 2015) 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 March 2015 to February 2016 and the rest within the period from March 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/Tuesday, March 31, 2015
Issued at HKT 16:30
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