Financial results for five months ended August 31, 2024
The Government announced today (September 30) its financial results for the five months ended August 31, 2024.
Expenditure from April to August 2024 amounted to HK$302.8 billion and revenue HK$101.8 billion, resulting in a deficit of HK$183.9 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 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$550.7 billion as at August 31, 2024.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| |
Month ended August 31, 2024 HK$ million |
Five months ended August 31, 2024 HK$ million |
| Revenue | 11,754.5 | 101,867.5 |
| Expenditure | (60,192.5) | (302,800.9) |
| Deficit before issuance and repayment of Government Bonds |
(48,438.0) | (200,933.4) |
| Proceeds received from issuance of Government Bonds |
– | 24,880.4 |
| Repayment of Government Bonds |
– | (7,800.5) |
| Deficit after issuance and repayment of Government Bonds |
(48,438.0) | (183,853.5) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | 48,148.0 | 180,948.7 |
| Non-Banking Sector | 290.0 | 2,904.8 |
| External | – | – |
| Total | 48,438.0 | 183,853.5 |
Government Debts as at August 31, 2024 (Note 3)
HK$211,194 million
Debts Guaranteed by Government as at August 31, 2024 (Note 4)
HK$138,806 million
TABLE 2. FISCAL RESERVES
| Month ended August 31, 2024 HK$ million |
Five months ended August 31, 2024 HK$ million |
|
| Fiscal Reserves at start of period | 599,169.9 | 734,585.4 |
| Consolidated Deficit after issuance and repayment of Government Bonds |
(48,438.0) | (183,853.5) |
| Fiscal Reserves at end of period (Note 5) |
550,731.9 | 550,731.9 |
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 August 31, 2024, was HK$223,639 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$211,194 million as at August 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$180,199 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,798 million as at August 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$97,199 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$12,500 million will mature within the period from September 2024 to August 2025 and the rest within the period from September 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.