Financial results for the eight months ended November 30, 2023
There was a surplus of HK$8.8 billion in the month of November. Expenditure for the eight-month period amounted to HK$472.3 billion and revenue HK$241.6 billion, with the cumulative year-to-date deficit at HK$164.1 billion after taking into account the proceeds of HK$66.6 billion received 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 2024-25 Budget.
The fiscal reserves stood at HK$670.7 billion as at November 30, 2023.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
| Month ended November 30, 2023 HK$ million |
Eight months ended November 30, 2023 HK$ million | |
| Revenue | 67,205.7 | 241,580.1 |
| Expenditure | (58,402.5) | (472,271.4) |
| Surplus/(Deficit) before issuance of Green Bond |
8,803.2 | (230,691.3) |
| Proceeds received from issuance of Green Bond |
- | 66,632.0 |
| Surplus/(Deficit) after issuance of Green Bond |
8,803.2 | (164,059.3) |
| Financing | ||
| Domestic | ||
| Banking Sector (Note 2) | (8,129.3) | 159,284.9 |
| Non-Banking Sector | (673.9) | 4,774.4 |
| External | - | - |
| Total | (8,803.2) | 164,059.3 |
Government Debts as at November 30, 2023 (Note 3)
HK$188,208 million
Debts Guaranteed by Government as at November 30, 2023 (Note 4)
HK$147,586 million
TABLE 2. FISCAL RESERVES
| |
Month ended November 30, 2023 HK$ million |
Eight months ended November 30, 2023 HK$ million |
| Fiscal Reserves at start of period | 661,927.3 | 834,789.8 |
| Consolidated Surplus/(Deficit) after issuance of Green Bond |
8,803.2 | (164,059.3) |
| Fiscal Reserves at end of period (Note 5) |
670,730.5 | 670,730.5 |
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, 2023, was HK$297,571 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. These were the Green Bonds (equivalent to HK$188,208 million as at November 30, 2023) issued under the Government Green Bond Programme. They were denominated in US dollars (US$9,750 million with maturity from May 2024 to January 2053), euros (4,500 million euros with maturity from January 2025 to November 2041), Renminbi (RMB30,000 million with maturity from November 2024 to June 2033) and Hong Kong dollars (HK$40,800 million with maturity from February 2024 to October 2026). They do not include the outstanding bonds with nominal value of HK$256,990 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,804 million as at November 30, 2023) 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$138,990 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$84,250 million will mature within the period from December 2023 to November 2024 and the rest within the period from December 2024 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 a commercial loan of the Hong Kong Science and Technology Parks Corporation.
5. Includes HK$307,544 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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