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Financial results for the 11 months ended February 28, 2017
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     The Government announced today (March 31) its financial results for the 11 months ended February 28, 2017.

     There was a deficit of HK$1.4 billion in the month of February. Expenditure for the 11-month period amounted to HK$412.9 billion and revenue HK$523.4 billion, with the cumulative year-to-date surplus at HK$110.5 billion.

     A government spokesperson said that the expenditure in March is expected to exceed revenue, resulting in a deficit for the month and reducing the cumulative surplus.

     The fiscal reserves stood at HK$953.4 billion as at February 28, 2017.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 
   
Month ended
February 28, 2017
HK$ million
 
11 months ended
February 28, 2017
HK$ million
Revenue 34,360.9 523,408.8
Expenditure (35,745.1) (412,895.2)
     
(Deficit) / Surplus (1,384.2) 110,513.6
                         
Financing    
      Domestic    
            Banking Sector
            (Note 2)
1,431.7 (110,615.8)
            Non-Banking
            Sector
(47.5) 102.2
      External - -
                         
Total 1,384.2 (110,513.6)

Government Debts as at February 28, 2017 (Note 3)
    HK$1,500 million
Debts Guaranteed by Government as at February 28, 2017 (Note 4)
    HK$28,478.6 million

TABLE 2. FISCAL RESERVES
 
   
Month ended
February 28, 2017
HK$ million
 
11 months ended
February 28, 2017
HK$ million
Fiscal Reserves
at start of period
954,785.4 842,887.6
 
Consolidated
(Deficit) / Surplus
 
(1,384.2)
 
110,513.6
     
Fiscal Reserves
at end of period
(Note 5)
953,401.2 953,401.2

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, 2017 was HK$140,873 million.

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

3. These were the outstanding institutional notes as at February 28, 2017, which were denominated in Hong Kong dollars with maturity in July 2019. They do not include the outstanding bonds with nominal value of HK$102,485 million and alternative bonds with nominal value of US$3,000 million (equivalent to HK$23,284 million as at February 28, 2017) issued under the Government Bond Programme (with proceeds credited to the Bond Fund). Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$2,985 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$24,400 million will mature within the period from March 2017 to February 2018 and the rest within the period from March 2018 to July 2030.

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 a commercial loan of the Hong Kong Science and Technology Parks Corporation.

5. Includes HK$219,730 million being the balance of the Land Fund held in the name of "Future Fund" as from January 1, 2016, for long-term investments initially up to December 31, 2025. As from July 1, 2016, the Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
 
Ends/Friday, March 31, 2017
Issued at HKT 16:30
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