Provisional financial results for year ended March 31, 2023
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Expenditure for the year ended March 31, 2023, amounted to HK$810.5 billion and revenue HK$622.2 billion, resulting in a deficit of HK$122.3 billion after taking into account the proceeds of HK$66 billion received from issuance of green bonds under the Government Green Bond Programme (Green Bond).
Expenditure for the year recorded a variance of 0.4 per cent (HK$3.2 billion) higher than the original estimate, while revenue recorded a variance of 13.1 per cent (HK$93.7 billion) lower than the original estimate.
The consolidated deficit for the year was HK$17.5 billion lower than the revised estimate of HK$139.8 billion deficit. Revenue was HK$18.4 billion (3 per cent) higher than expected, mainly attributable to earnings and profits tax (HK$16.3 billion higher) and stamp duties (HK$3.0 billion higher). Expenditure was HK$0.9 billion (0.1 per cent) higher than forecast for the revised estimate mainly due to higher-than-expected requirements.
The fiscal reserves stood at HK$834.8 billion as at March 31, 2023.
A Government spokesperson said that these are provisional figures pending the final closing of the annual accounts. According to past experience, any changes to the provisional figures are unlikely significant.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL) (Note 1)
| Month ended March 31, 2023 HK$ million |
Year ended March 31, 2023 HK$ million |
|
| Revenue | 46,215.7 | 622,147.1 |
| Expenditure | (107,940.7) | (810,477.9) |
| Deficit before issuance of Green Bond |
(61,725.0) | (188,330.8) |
| Proceeds received from issuance of Green Bond |
- | 65,992.2 |
| Deficit after issuance of Green Bond |
(61,725.0) | (122,338.6) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | 61,526.7 | 123,428.6 |
| Non-Banking Sector | 198.3 | (1,090.0) |
| External | - | - |
| Total | 61,725.0 | 122,338.6 |
Government Debts as at March 31, 2023 (Note 3)
HK$122,497 million
Debts Guaranteed by Government as at March 31, 2023 (Note 4)
HK$144,090 million
TABLE 2. FISCAL RESERVES (PROVISIONAL)
| |
Month ended March 31, 2023 HK$ million |
Year ended March 31, 2023 HK$ million |
| Fiscal Reserves at start of period | 896,514.8 | 957,128.4 |
| Consolidated Deficit after issuance of Green Bond |
(61,725.0) | (122,338.6) |
| Fiscal Reserves at end of period (Note 5) |
834,789.8 | 834,789.8 |
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 March 31, 2023, was HK$251,206 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$122,497 million as at March 31, 2023) issued under the Government Green Bond Programme. They were denominated in US dollars (US$7,500 million with maturity from May 2024 to January 2053), euros (3,000 million euros with maturity from January 2025 to November 2041), Renminbi (RMB15,000 million with maturity from November 2024 to January 2028) and Hong Kong dollars (HK$20,800 million with maturity from February 2024 to May 2025). They do not include the outstanding bonds with nominal value of HK$206,094 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,850 million as at March 31, 2023) 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$87,594 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$39,246 million will mature within the period from April 2023 to March 2024 and the rest within the period from April 2024 to May 2042.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012 and a commercial loan of the Hong Kong Science and Technology Parks Corporation.
5. Includes HK$305,734 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments initially up to December 31, 2025. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
Ends/Friday, April 28, 2023
Issued at HKT 16:30
Issued at HKT 16:30
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