The Government announced today (April 29) its provisional financial results for the year ended March 31, 2022.
Expenditure for the year ended March 31, 2022, amounted to HK$693.3 billion and revenue HK$693.6 billion, resulting in a surplus of HK$29.4 billion after receipt of net proceeds of HK$29.1 billion from issuance of green bonds under the Government Green Bond Programme (Green Bond).
Expenditure for the year recorded a variance of 4.7 per cent (HK$34.5 billion) lower than the original estimate, while revenue recorded a variance of 17.3 per cent (HK$102.5 billion) higher than the original estimate.
The consolidated surplus for the year was HK$10.5 billion higher than the revised estimate of HK$18.9 billion. Revenue was HK$10.8 billion (1.6 per cent) higher than expected, mainly attributable to earnings and profits tax (HK$10.3 billion higher). Expenditure was HK$5.7 billion (0.8 per cent) lower than forecast for the revised estimate mainly due to lower-than-expected requirements. Receipt from issuance of green bonds was HK$6 billion (17.1 per cent) lower than the revised estimate.
The fiscal reserves stood at HK$957.2 billion as at March 31, 2022.
A Government spokesperson said that these are provisional figures pending the final closing of the annual accounts. According to past experience, any changes to the provisional figures are unlikely significant.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL) (Note 1)
| Month ended March 31, 2022 HK$ million |
Year ended March 31, 2022 HK$ million |
|
| Revenue | 31,834.5 | 693,575.6 |
| Expenditure | (74,709.9) | (693,320.3) |
| (Deficit)/Surplus before issuance of Green Bond |
(42,875.4) | 255.3 |
| Net proceeds from issuance of Green Bond |
– | 29,124.2 |
| (Deficit)/Surplus after issuance of Green Bond |
(42,875.4) | 29,379.5 |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | 41,362.1 | (29,732.0) |
| Non-Banking Sector | 1,513.3 | 352.5 |
| External | – | – |
| Total | 42,875.4 | (29,379.5) |
Government Debts as at March 31, 2022 (Note 3)
HK$56,680 million
Debts Guaranteed by Government as at March 31, 2022 (Note 4)
HK$119,712.9 million
TABLE 2. FISCAL RESERVES (PROVISIONAL)
| Month ended March 31, 2022 HK$ million |
Year ended March 31, 2022 HK$ million |
|
| Fiscal Reserves at start of period | 1,000,021.9 | 927,767.0 |
| Consolidated (Deficit)/Surplus after issuance of Green Bond |
(42,875.4) | 29,379.5 |
| Fiscal Reserves at end of period (Note 5) |
957,146.5 | 957,146.5 |
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 March 31, 2022, was HK$210,026 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$56,680 million as at March 31, 2022) 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$171,371 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,828 million as at March 31, 2022) 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$47,571 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$31,709 million will mature within the period from April 2022 to March 2023 and the rest within the period from April 2023 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$257,367 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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