The Government announced today (April 30) its provisional financial results for the year ended March 31, 2026.
      
     Expenditure and revenue for the year ended March 31, 2026, amounted to HK$790.3 billion and HK$697.5 billion respectively, resulting in a surplus of HK$11.2 billion after taking into account HK$156 billion received from issuance of Government Bonds and repayment of HK$52 billion principal on Government Bonds.
      
     Expenditure and revenue for the year were 3.9 per cent (HK$32 billion) lower and 5.8 per cent (HK$38.1 billion) higher than the original estimate respectively.
      
     The consolidated surplus for the year was HK$11.2 billion, i.e. HK$8.3 billion higher than the revised estimate of HK$2.9 billion, mainly attributable to the higher-than-expected revenue from profits tax (HK$3.6 billion), stamp duties (HK$3.1 billion) and land premium (HK$1.1 billion).
      
     The fiscal reserves stood at HK$665.5 billion as at March 31, 2026.
      
     A Government spokesperson said that these are provisional figures pending the final closing of the annual accounts. According to experience, any changes to the provisional figures are unlikely to be significant.
      
     Detailed figures are shown in Tables 1 and 2.
      
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL) (Note 1) 
     

	Month ended March 31, 2026 HK$ million	Year ended March 31, 2026 HK$ million
Revenue	42,724.0	697,468.5
Expenditure	(98,847.6)	(790,330.2)
Deficit before issuance and repayment of Government Bonds	(56,123.6)	(92,861.7)
Proceeds received from issuance of Government Bonds	7,144.7	156,036.4
Repayment of Government Bonds*	(2,359.7)	(51,950.9)
(Deficit)/Surplus after issuance and repayment of Government Bonds	(51,338.6)	11,223.8
Financing
Domestic
Banking Sector (Note 2)	52,634.6	(12,155.4)
Non-Banking Sector	(1,296.0)	931.6
External	-	-
Total	51,338.6	(11,223.8)
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

Government Debts as at March 31, 2026 (Note 3)
    HK$409,832 million
Debts Guaranteed by Government as at March 31, 2026 (Note 4)
    HK$110,691 million

TABLE 2. FISCAL RESERVES (PROVISIONAL)
 

	Month ended March 31, 2026 HK$ million	Year ended March 31, 2026 HK$ million
Fiscal Reserves at start of period	716,879.2	654,316.8
Consolidated (Deficit)/Surplus after issuance and repayment of Government Bonds	(51,338.6)	11,223.8
Fiscal Reserves at end of period (Note 5)	665,540.6	665,540.6

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 March 31, 2026, was HK$153,361 million.

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

3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:

(i) the Green Bonds (equivalent to HK$186,769 million as at March 31, 2026) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,550 million with maturity from June 2026 to January 2053), euros (5,800 million euros with maturity from November 2026 to November 2041), Renminbi (RMB33,000 million with maturity from July 2026 to July 2054) and Hong Kong dollars (HK$22,500 million with maturity from October 2026 to November 2027); 

(ii) the Infrastructure Bonds (equivalent to HK$114,115 million as at March 31, 2026) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB38,750 million with maturity from April 2026 to June 2055) and Hong Kong dollars (HK$70,230 million with maturity from May 2026 to June 2055); and

(iii) the Silver Bonds with nominal value of HK$108,948 million (with maturity in October 2027 and October 2028 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.

     They do not include the outstanding bonds with nominal value of HK$100,531 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,836 million as at March 31, 2026) 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$53,431 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,431 million will mature within the period from April 2026 to March 2027, and the rest within the period from April 2027 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, the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023, and the commercial loan under Guaranteed Medium Term Note Programme of the Hong Kong Cyberport Management Company Limited.

5. Includes HK$249,829 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

Ends/Thursday, April 30, 2026
Issued at HKT 16:30

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