Financial results for the eight months ended November 30, 2018
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There was a surplus of HK$18.2 billion in the month of November, thereby bringing the cumulative year-to-date deficit down to HK$27.8 billion. Expenditure for the eight-month period amounted to HK$336 billion and revenue HK$308.2 billion.
A government spokesperson said that the improved financial results in November were mainly due to the collection of profits tax. The revised estimates for the current financial year will be published along with the 2019-20 Budget on February 27, 2019.
The fiscal reserves stood at HK$1,075.1 billion as at November 30, 2018.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended November 30, 2018 HK$ million |
Eight months ended November 30, 2018 HK$ million |
|||
| Revenue | 59,655.5 | 308,206.8 | ||
| Expenditure | (41,482.1) | (336,047.7) | ||
| Surplus/(Deficit) | 18,173.4 | (27,840.9) | ||
| Financing | ||||
| Domestic | ||||
| Banking Sector (Note 2) |
(18,546.1) | 25,217.2 | ||
| Non-Banking Sector |
372.7 | 2,623.7 | ||
| External | - | - | ||
| Total | (18,173.4) | 27,840.9 | ||
Government Debts as at November 30, 2018 (Note 3)
HK$1,500 million
Debts Guaranteed by Government as at November 30, 2018 (Note 4)
HK$23,847.1 million
TABLE 2. FISCAL RESERVES
| Month ended November 30, 2018 HK$ million |
Eight months ended November 30, 2018 HK$ million |
|
| Fiscal Reserves at start of period |
1,056,919.4 | 1,102,933.7 |
| Consolidated Surplus/ (Deficit) |
18,173.4 | (27,840.9) |
| Fiscal Reserves at end of period (Note 5) |
1,075,092.8 | 1,075,092.8 |
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, 2018, was HK$141,118 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the outstanding institutional notes as at November 30, 2018, which were denominated in Hong Kong dollars with maturity in July 2019. They do not include the outstanding bonds with nominal value of HK$102,881 million and alternative bonds with nominal value of US$3,000 million (equivalent to HK$23,466 million as at November 30, 2018) 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$5,781 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$26,071 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,822 million as at November 30, 2018) will mature within the period from December 2018 to November 2019 and the rest within the period from December 2019 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/Monday, December 31, 2018
Issued at HKT 16:30
Issued at HKT 16:30
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