58.6 bln HKD financial surplus recorded

A 58.6-billion HK dollars (7.51 billion U.S. dollars) surplus has been recorded for the 2006-07 financial year in Hong Kong, an improvement of 3.5 billion HK dollars (448.72 million U.S. dollars) over the revised surplus of 55.1 billion HK dollars (7.06 billion U.S. dollars) forecast in the 2007-08 Budget, the Hong Kong Financial Services & the Treasury Bureau said Monday.

Expenditure for the year ending March 31 was 229.4 billion HK dollars (29.41 billion U.S. dollars), with revenue of 288 billion HK dollars (36.92 billion U.S. dollars), resulting in a surplus of 58.6 billion HK dollars (7.51 billion U.S. dollars).

The Bureau said the improved financial position was mainly because the actual expenditure for the year was 3.6 billion HK dollars (461.54 million U.S. dollars) lower than forecast as a result of the strenuous efforts of departments to rein in expenditure and spend only where necessary.

Fiscal reserves stood at 369.3 billion HK dollars (47.35 billion U.S. dollars) at March 31, up 58.6 billion HK dollars (7. 51 billion U.S. dollars) compared with the balance of 310.7 billion HK dollars (39.83 billion U.S. dollars) at the same time last year.

Source: Xinhua