HK records fiscal reserves reach HK$781 bln in December 2014

HONG KONG -- The Hong Kong government said on Friday that its fiscal reserves stood at HK$781.2 billion (about $100.8 billion) as of Dec 31, 2014.

There was a surplus of 12.6 billion HK dollars in December, thereby bringing a cumulative year-to-date surplus of HK$ 35.2 billion or HK$25.5 billion after repayment of bonds and notes, the government said in its financial results for the nine months ended on Dec 31, 2014.

The HK$9.7 billion repayment of institutional notes was made in July 2014. Expenditure for the nine-month period amounted to HK$284.7 billion and revenue HK$319.9 billion.

A government spokesperson said the surplus in December was mainly due to the collection of profits tax and salaries tax. The revised estimates for the current financial year will be published along with the 2015-16 Budget on Feb. 25.