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The Government announced today (February 29) its financial results for the 10 months ended January 31, 2012.
There was a surplus of HK$43 billion in the month of January, thereby bringing a surplus of HK$102.5 billion up to end of January, 2012. Expenditure for the 10-month period amounted to HK$293.2 billion and revenue to HK$395.7 billion.
A government spokesperson said that, taking into account the expenditure requirement in February and March, including expected expenditure of some HK$16 billion on capital works, the HK$7 billion injection into the Elite Athletes Development Fund and day-to-day expenditure of departments, there will be deficits for those two months. The cumulative surplus for the full year should therefore be in line with expectation.
The spokesperson pointed out that the surplus in January was mainly due to the receipt of salaries tax and profits tax. The majority portion of income for the year from key revenue sources such as profits tax, salaries tax and investment income had already been received.
The fiscal reserves stood at HK$697.9 billion as at January 31, 2012.
More detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended 10 months ended
January 31, 2012 January 31, 2012
---------------- ----------------
HK$ million HK$ million
Revenue 71,396.5 395,711.7
Expenditure (28,356.4) (293,204.4)
---------------- ----------------
Surplus 43,040.1 102,507.3
---------------- ----------------
Financing
Domestic
Banking Sector (42,308.4) (100,719.2)
(Note 2)
Non-Banking Sector (731.7) (1,788.1)
External - -
---------------- ----------------
Total (43,040.1) (102,507.3)
---------------- ----------------
Government Debts as at January 31, 2012 (Note 3)
HK$11,195.6 million
Debts Guaranteed by Government as at January 31, 2012 (Note 4)
HK$73,274.8 million
TABLE 2. FISCAL RESERVES
Month ended 10 months ended
January 31, 2012 January 31, 2012
---------------- ----------------
HK$ million HK$ million
Fiscal Reserves 654,869.8 595,402.6
at start of period
Consolidated 43,040.1 102,507.3
Surplus ---------------- ----------------
Fiscal Reserves 697,909.9 697,909.9
at end of period
---------------- ----------------
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, 2012 is HK$52,096 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These are the outstanding institutional notes (including US$1.25 billion denominated in United States dollars) as at January 31, 2012, which will mature within the period August 2014 to July 2019. The outstanding bonds of HK$49,500 million issued under the Government Bond Programme (with proceeds credited to the Bond Fund) are excluded. Of these bonds, HK$7,000 million will mature within the period February 2012 to January 2013 and the rest will mature within the period February 2013 to August 2021.
4. Includes guarantees provided under the Special Finance Scheme for Small and Medium Enterprises launched in 1998, the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the Film Guarantee Fund and the commercial loan of the Ocean Park Corporation.
Ends/Wednesday, February 29, 2012
Issued at HKT 18:47
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