The Government announced today (August 30) its financial results for the four months ended July 31, 2024.
Expenditure for the period April to July 2024 amounted to HK$242.6 billion and revenue HK$90.1 billion, resulting in a cumulative year-to-date deficit of HK$135.4 billion after taking into account the proceeds of HK$24.9 billion received from issuance of Government Bonds and repayment of HK$7.8 billion principal on Government Bonds.
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 fiscal reserves stood at HK$599.2 billion as at July 31, 2024.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended July 31, 2024 HK$ million |
Four months ended July 31, 2024 HK$ million |
|
| Revenue | 26,159.2 | 90,113.0 |
| Expenditure | (66,425.6) | (242,608.4) |
| Deficit before issuance and repayment of Government Bonds |
(40,266.4) | (152,495.4) |
| Proceeds received from issuance of Government Bonds |
24,880.4 | 24,880.4 |
| Repayment of Government Bonds |
– | (7,800.5) |
| Deficit after issuance and repayment of Government Bonds |
(15,386.0) | (135,415.5) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | 15,432.1 | 132,800.7 |
| Non-Banking Sector | (46.1) | 2,614.8 |
| External | – | – |
| Total | 15,386.0 | 135,415.5 |
Government Debts as at July 31, 2024 (Note 3)
HK$209,519 million
Debts Guaranteed by Government as at July 31, 2024 (Note 4)
HK$140,091 million
TABLE 2. FISCAL RESERVES
| |
Month ended July 31, 2024 HK$ million |
Four months ended July 31, 2024 HK$ million |
| Fiscal Reserves at start of period | 614,555.9 | 734,585.4 |
| Consolidated Deficit after issuance and repayment of Government Bonds |
(15,386.0) | (135,415.5) |
| Fiscal Reserves at end of period (Note 5) |
599,169.9 | 599,169.9 |
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 July 31, 2024, was HK$262,199 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$209,519 million as at July 31, 2024) issued under the Government Green Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (5,330 million euros with maturity from January 2025 to November 2041), Renminbi (RMB41,500 million with maturity from November 2024 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026). They do not include the outstanding bonds with nominal value of HK$216,641 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,813 million as at July 31, 2024) 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$124,141 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$9,500 million, HK$26,844 million and HK$1,500 million were repaid upon maturity on August 7, 2024, August 12, 2024 and August 19, 2024 respectively; bonds with nominal value of HK$11,000 million will mature within the period from September 2024 to July 2025 and the rest within the period from August 2025 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, and Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, Loan Guarantee Scheme for Battery Electric Taxis and Loan Guarantee Scheme for Travel Sector launched in 2023.
5. Includes HK$265,217 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.
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