The Government announced today (August 31) its financial results for the four months ended July 31, 2017.
 
     There was a deficit of HK$2.5 billion in the month of July, thereby bringing the cumulative year-to-date surplus down to HK$32.9 billion. Expenditure for the period April to July 2017 amounted to HK$146.4 billion and revenue HK$179.3 billion.
 
     A government spokesperson said that the cumulative year-to-date surplus for the period was mainly due to the receipt of land premium.
 
     The fiscal reserves stood at HK$986.6 billion as at July 31, 2017.
 
     More detailed figures are shown in Tables 1 and 2.
 
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

	Month ended July 31, 2017 HK$ million		Four months ended July 31, 2017 HK$ million
Revenue	33,360.7		179,309.5
Expenditure	(35,886.4)		(146,439.1)
(Deficit) / Surplus	(2,525.7)		32,870.4
Financing
Domestic
Banking Sector             (Note 2)	2,592.7		(34,246.5)
Non-Banking             Sector	(67.0)		1,376.1
External	-		-
Total	2,525.7		(32,870.4)

Government Debts as at July 31, 2017 (Note 3)
      HK$1,500 million
Debts Guaranteed by Government as at July 31, 2017 (Note 4)
      HK$27,252 million
 
TABLE 2. FISCAL RESERVES
 

	Month ended July 31, 2017 HK$ million	Four months ended July 31, 2017 HK$ million
Fiscal Reserves at start of period	989,135.2	953,739.1
Consolidated (Deficit) / Surplus	(2,525.7)	32,870.4
Fiscal Reserves at end of period (Note 5)	986,609.5	986,609.5

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 July 31, 2017, was HK$148,679 million.

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

3. These were the outstanding institutional notes as at July 31, 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$110,760 million and alternative bonds with nominal value of US$3,000 million (equivalent to HK$23,426 million as at July 31, 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$5,960 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$10,000 million were repaid upon maturity on August 11, 2017; bonds with nominal value of HK$11,400 million will mature within the period from September 2017 to July 2018 and the rest within the period from August 2018 to March 2032.

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/Thursday, August 31, 2017
Issued at HKT 16:30

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