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The Government announced today (June 30) its financial results for the two months ended May 31, 2016.
Expenditure for the period April to May 2016 amounted to HK$70.7 billion and revenue HK$53.7 billion, resulting in a cumulative year-to-date deficit of HK$17 billion.
A government spokesperson said that the cumulative year-to-date deficit for the period was mainly because some major types of revenue including salaries and profits taxes were mostly received towards the end of a financial year.
The fiscal reserves stood at HK$825.8 billion as at May 31, 2016.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended Two months ended
May 31, 2016 May 31, 2016
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HK$ million HK$ million
Revenue 13,008.4 53,638.4
Expenditure (33,251.5) (70,685.0)
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Deficit (20,243.1) (17,046.6)
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Financing
Domestic
Banking Sector 19,571.1 15,707.3
(Note 2)
Non-Banking Sector 672.0 1,339.3
External - -
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Total 20,243.1 17,046.6
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Government Debts as at May 31, 2016 (Note 3)
HK$1,500 million
Debts Guaranteed by Government as at May 31, 2016 (Note 4)
HK$33,310.4 million
TABLE 2. FISCAL RESERVES
Month ended Two months ended
May 31, 2016 May 31, 2016
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HK$ million HK$ million
Fiscal Reserves 846,084.1 842,887.6
at start of period
Consolidated (20,243.1) (17,046.6)
Deficit
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Fiscal Reserves 825,841.0 825,841.0
at end of period
(Note 5)
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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 May 31, 2016, was HK$128,410 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the outstanding institutional notes as at May 31, 2016, which were denominated in Hong Kong dollars with maturity in July 2019. They do not include the outstanding bonds with nominal value of HK$100,500 million and alternative bonds with nominal value of US$2,000 million (equivalent to HK$15,538 million as at May 31, 2016) issued under the Government Bond Programme (with proceeds credited to the Bond Fund). Of these bonds under the Government Bond Programme, bonds with nominal value of HK$10,000 million were repaid on June 24, 2016; bonds with nominal value of HK$13,500 million will mature within the period from July 2016 to May 2017 and the rest within the period from June 2017 to July 2030.
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, will also include the HK$4.8 billion set aside as top-up for Future Fund.
Ends/Thursday, June 30, 2016
Issued at HKT 16:32
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