The Government announced today (December 29) its financial results for the eight months ended November 30, 2017.

     There was a surplus of HK$22.5 billion in the month of November, thereby bringing a cumulative year-to-date surplus of HK$57.2 billion. Expenditure for the eight-month period amounted to HK$300 billion and revenue HK$357.2 billion.

     A government spokesperson said that the cumulative year-to-date surplus for the period was mainly due to the receipt of land premium and profits tax. The revised estimates for the current financial year will be published along with the 2018-19 Budget on February 28, 2018.

     The fiscal reserves stood at HK$1,011.1 billion as at November 30, 2017.

     More detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

	Month ended November 30, 2017 HK$ million		Eight months ended November 30, 2017 HK$ million
Revenue	61,664.3		357,150.0
Expenditure	(39,128.8)		(299,977.8)
Surplus	22,535.5		57,172.2
Financing
Domestic
Banking Sector             (Note 2)	(24,048.5)		(60,090.2)
Non-Banking             Sector	1,513.0		2,918.0
External	-		-
Total	(22,535.5)		(57,172.2)

Government Debts as at November 30, 2017 (Note 3)
      HK$1,500 million
Debts Guaranteed by Government as at November 30, 2017 (Note 4)
      HK$27,051.1 million

TABLE 2. FISCAL RESERVES
 

	Month ended November 30, 2017 HK$ million	Eight months ended November 30, 2017 HK$ million
Fiscal Reserves at start of period	988,597.0	953,960.3
Consolidated Surplus	22,535.5	57,172.2
Fiscal Reserves at end of period (Note 5)	1,011,132.5	1,011,132.5

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 November 30, 2017 was HK$141,962 million.

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

3. These were the outstanding institutional notes as at November 30, 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$104,826 million and alternative bonds with nominal value of US$3,000 million (equivalent to HK$23,426 million as at November 30, 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$5,926 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$18,400 million will mature within the period from December 2017 to November 2018 and the rest within the period from December 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/Friday, December 29, 2017
Issued at HKT 16:30

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