The Government announced today (February 28) its financial results for the 10 months ended January 31, 2019.
 
     There was a surplus of HK$49.1 billion in the month of January, thereby bringing a cumulative year-to-date surplus of HK$108.1 billion. Expenditure for the 10-month period amounted to HK$422.5 billion and revenue HK$530.6 billion.
 
     The fiscal reserves stood at HK$1,211 billion as at January 31, 2019.
 
     A government spokesperson said that the cumulative year-to-date surplus for the period was mainly due to the receipt of profits tax, land premium and stamp duties. Taking into account the forecast revenue and expenditure for the remaining two months, the surplus for the 2018-19 financial year is expected to decrease to HK$58.7 billion and the fiscal reserves are estimated to be HK$1,161.6 billion as at the end of March 2019.
 
     Detailed figures are shown in Tables 1 and 2.
 
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

	Month ended January 31, 2019 HK$ million		10 months ended January 31, 2019 HK$ million
Revenue	90,860.9		530,558.8
Expenditure	(41,774.8)		(422,468.9)
Surplus	49,086.1		108,089.9
Financing
Domestic
Banking Sector          (Note 2)	(48,363.4)		(110,266.2)
Non-Banking          Sector	(722.7)		2,176.3
External	-		-
Total	(49,086.1)		(108,089.9)

Government Debts as at January 31, 2019 (Note 3)
    HK$1,500 million
Debts Guaranteed by Government as at January 31, 2019 (Note 4)
    HK$24,044.7 million

TABLE 2. FISCAL RESERVES
 

	Month ended January 31, 2019 HK$ million	10 months ended January 31, 2019 HK$ million
Fiscal Reserves at start of period	1,161,937.5	1,102,933.7
Consolidated Surplus	49,086.1	108,089.9
Fiscal Reserves at end of period (Note 5)	1,211,023.6	1,211,023.6

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 January 31, 2019, was HK$151,661 million.

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

3. These were the outstanding institutional notes as at January 31, 2019, which were denominated in Hong Kong dollars with maturity in July 2019. They do not include the outstanding bonds with nominal value of HK$107,358 million and alternative bonds with nominal value of US$3,000 million (equivalent to HK$23,529 million as at January 31, 2019) 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$8,758 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$13,200 million were repaid upon maturity on February 20, 2019; bonds with nominal value of HK$19,561 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,843 million as at January 31, 2019) will mature within the period from March 2019 to January 2020 and the rest within the period from February 2020 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, February 28, 2019
Issued at HKT 16:30

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