The Government announced today (December 31) its financial results for the eight months ended November 30, 2021.
There was a surplus of HK$46 billion in the month of November. Expenditure for the eight-month period amounted to HK$420.6 billion and revenue HK$325.7 billion, with the cumulative year-to-date deficit at HK$65.8 billion after receipt of net proceeds of HK$29.1 billion from issuance of green bonds under the Government Green Bond Programme (Green Bond).
A Government spokesperson said that the cumulative year-to-date deficit for the period was mainly due to the fact that some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year. The revised estimates for the current financial year will be published along with the 2022-23 Budget.
The fiscal reserves stood at HK$862 billion as at November 30, 2021.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended November 30, 2021 HK$ million |
Eight months ended November 30, 2021 HK$ million |
|
| Revenue | 69,616.5 | 325,708.1 |
| Expenditure | (52,764.7) | (420,672.8) |
| Surplus/(Deficit) before issuance of Green Bond |
16,851.8 | (94,964.7) |
| Net proceeds from issuance of Green Bond |
29,124.2 | 29,124.2 |
| Surplus/(Deficit) after issuance of Green Bond |
45,976.0 | (65,840.5) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | (46,017.0) | 64,832.0 |
| Non-Banking Sector | 41.0 | 1,008.5 |
| External | – | – |
| Total | (45,976.0) | 65,840.5 |
Government Debts as at November 30, 2021 (Note 3)
HK$56,618 million
Debts Guaranteed by Government as at November 30, 2021 (Note 4)
HK$114,248 million
TABLE 2. FISCAL RESERVES
| Month ended November 30, 2021 HK$ million |
Eight months ended November 30, 2021 HK$ million |
|
| Fiscal Reserves at start of period | 815,950.5 |
927,767.0 |
| Consolidated Surplus/(Deficit) after issuance of Green Bond |
45,976.0 |
(65,840.5) |
| Fiscal Reserves at end of period (Note 5) |
861,926.5 | 861,926.5 |
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 November 30, 2021, was HK$200,818 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$56,618 million as at November 30, 2021) issued under the Government Green Bond Programme. They were denominated in US dollars (US$4,500 million with maturity from May 2024 to February 2051), euros (1,750 million euros with maturity from November 2026 to November 2041) and Renminbi (RMB5,000 million with maturity from November 2024 to November 2026). They do not include the outstanding bonds with nominal value of HK$168,621 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,800 million as at November 30, 2021) 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$50,621 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$2,899 million were repaid upon maturity on December 17, 2021; bonds with nominal value of HK$12,919 million will mature within the period from January 2022 to November 2022 and the rest within the period from December 2022 to March 2036.
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$219,690 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.
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