Financial results for the seven months ended October 31, 2017


Hong Kong (HKSAR) -      The Government announced today (November 30) its financial results for the seven months ended October 31, 2017.
 
     There was a surplus of HK$22.2 billion in the month of October, thereby bringing a cumulative year-to-date surplus ofHK$34.6 billion. Expenditure for the seven-month period amounted to HK$260.9 billion and revenue HK$295.5 billion.
 
     A government spokesperson said that the cumulative year-to-date surplus for the period was mainly due to the receipt of land premium.
 
     The fiscal reserves stood at HK$988.6 billion as at October 31, 2017.
 
     More detailed figures are shown in Tables 1 and 2.
 
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 
   
Month ended
October 31, 2017
HK$ million
 
Seven months ended
October 31, 2017
HK$ million
Revenue 61,410.9 295,485.7
Expenditure (39,193.4) (260,849.0)
     
Surplus 22,217.5 34,636.7
                          
Financing    
      Domestic    
            Banking Sector
            (Note 2)
(22,141.1) (36,041.7)
            Non-Banking
            Sector
(76.4) 1,405.0
      External - -
                          
Total (22,217.5) (34,636.7)

Government Debts as at October 31, 2017 (Note 3)
    HK$1,500 million
Debts Guaranteed by Government as at October 31, 2017 (Note 4)
    HK$27,153.9 million

TABLE 2.

FISCAL RESERVES
 
   
Month ended
October 31, 2017
HK$ million
 
Seven months ended
October 31, 2017
HK$ million
Fiscal Reserves
at start of period
966,379.5 953,960.3
 
Consolidated Surplus
 
22,217.5
 
34,636.7
     
Fiscal Reserves
at end of period
(Note 5)
988,597.0 988,597.0

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 October 31, 2017 was HK$142,561 million.

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

3. These were the outstanding institutional notes as at October 31, 2017, which were denominated in Hong Kong dollars with maturity in July 2019.

They do not include the outstanding bonds with nominal value of HK$105,334 million and alternative bonds with nominal value of US$3,000 million (equivalent to HK$23,399 million as at October 31, 2017) 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$5,934 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$3,000 million were repaid upon maturity on November 6, 2017; bonds with nominal value of HK$18,400 million will mature within the period from December 2017 to October 2018 and the rest within the period from November 2018 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.



Published on: 2017-11-30

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