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- HKSAR gov't records 58.6 bln HK dollars in surplus
Date: 16-Jul-2007 Sources: (Xinhua Online)
HONG KONG, July 13 (Xinhua) -- The government of Hong Kong Special Administrative Region recorded a revenue surplus of 58.6 billion HK dollars (about 7.5 billion U.S. dollars) for the year 2006 to 2007.
Revenue for the year ending on March 31 amounted to 288 billion HK dollars and expenditure to 229.4 billion HK dollars, according to the HKSAR government's final accounts of the year which were gazetted Friday.
The fiscal reserves stood at 369.3 billion HK dollars on March 31, an increase of 58.6 billion HK dollars compared with the balance of 310.7 billion HK dollars on March 31 last year.
An HKSAR government spokesman said the final results for the financial year 2006-07 are the same as the provisional results published on April 30, 2007.
The spokesman added that the surplus of 58.6 billion HK dollars represented an improvement of 3.5 billion HK dollars over the 55.1billion HK dollars surplus forecast in the 2007-08 Budget.
He said the improved financial position was mainly because the actual expenditure for the year was 3.6 billion HK dollars lower than forecast as a result of the strenuous efforts of departments to rein in expenditure and spend only where necessary. (one U.S. dollar equals 7.81 HK dollars)
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