|
|
|
|
|
(Chapter 3: The Economy)
Total Government Revenue and Expenditure
and
Summary of Financial Position |
| $ Million |
 |
| |
|
Revenue |
|
 |
|
|
|
|
|
Actual
1998-1999 |
|
Actual
2002-2003 |
|
Revised
Estimate
2003-2004 |
|
|
| |
|
|
|
|
|
|
| Operating Revenue |
|
|
|
|
|
|
| |
Direct taxes |
|
|
|
|
|
|
| |
|
Earnings and profits
tax(1) |
75,746 |
|
73,028 |
|
78,080 |
|
| |
Indirect taxes |
|
|
|
|
|
|
| |
|
Duties |
7,698 |
|
6,620 |
|
6,539 |
|
| |
|
General rates |
3,614 |
|
8,923 |
|
11,131 |
|
| |
|
Internal revenues(2) |
23,404 |
|
19,464 |
|
22,595 |
|
| |
|
Motor vehicle taxes |
2,237 |
|
2,510 |
|
2,712 |
|
| |
|
Royalties and concessions |
1,286 |
|
1,726 |
|
1,654 |
|
| |
Other revenue |
|
|
|
|
|
|
| |
|
Fines, forfeitures
and penalties |
1,333 |
|
843 |
|
822 |
|
| |
|
Properties and investments |
8,335 |
|
8,015 |
|
7,708 |
|
| |
|
Reimbursements and
contributions |
6,517 |
|
4,405 |
|
3,212 |
|
| |
|
Utilities— |
|
|
|
|
|
|
| |
|
|
Airport and air services |
1,087 |
|
— |
|
— |
|
| |
|
|
Ferry terminals |
198 |
|
225 |
|
207 |
|
| |
|
|
Postal services |
— |
|
— |
|
— |
|
| |
|
|
Water |
2,415 |
|
1,458 |
|
2,093 |
|
| |
|
|
Sewage services |
700 |
|
385 |
|
550 |
|
| |
|
Fees and charges |
10,565 |
|
9,687 |
|
10,369 |
|
| |
Investment Income |
|
|
|
|
|
|
| |
|
General revenue account |
21,568 |
|
2,766 |
|
5,886 |
|
| |
|
Land Fund |
10,080 |
|
13,281 |
|
17,150 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Total Operating Revenue |
176,783 |
|
153,336 |
|
170,708 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Capital Revenue |
|
|
|
|
|
|
| |
Indirect taxes |
|
|
|
|
|
|
| |
|
Estate duty |
1,237 |
|
1,403 |
|
1,500 |
|
| |
|
Taxi concessions |
— |
|
— |
|
— |
|
| |
Other revenue |
2,453 |
|
2,760 |
|
2,866 |
|
| |
Funds |
|
|
|
|
|
|
| |
|
Capital Works Reserve
Fund (Land sales and interest) |
25,686 |
|
12,190 |
|
6,025 |
|
| |
|
Capital Investment
Fund |
6,329 |
|
2,432 |
|
2,423 |
|
| |
|
Civil Service Pension
Reserve Fund |
1,091 |
|
631 |
|
1,146 |
|
| |
|
Disaster Relief Fund |
3 |
|
2 |
|
3 |
|
| |
|
Innovation and Technology
Fund |
— |
|
271 |
|
422 |
|
| |
|
Loan Fund |
2,533 |
|
4,464 |
|
17,551 |
|
| |
|
Lotteries Fund |
— |
|
— |
|
1,193 |
|
| |
|
|
|
|
|
|
|
|
| |
Total Capital Revenue |
39,332 |
|
24,153 |
|
33,129 |
|
| |
|
|
|
|
|
|
|
|
| Total Government Revenue |
216,115 |
|
177,489 |
|
203,837 |
|
| |
 |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| $ Million |
|
| |
|
Expenditure |
|
|
|
|
|
|
|
Actual
1998-1999 |
|
Actual
2002-2003 |
|
Revised
Estimate
2003-2004 |
|
|
| |
|
|
|
|
|
|
| Operating Expenditure |
|
|
|
|
|
|
| |
Recurrent expenditure |
|
|
|
|
|
|
| |
|
Personal emoluments |
44,092 |
|
50,966 |
|
49,585 |
|
| |
|
Personnel related expenses |
4,708 |
|
4,830 |
|
4,938 |
|
| |
|
Pensions |
7,395 |
|
12,107 |
|
13,804 |
|
| |
|
Departmental expenses |
8,935 |
|
15,563 |
|
16,291 |
|
| |
|
Other charges |
28,568 |
|
33,655 |
|
35,209 |
|
| |
|
Subventions— |
|
|
|
|
|
|
| |
|
|
Education
|
21,082 |
|
25,894 |
|
25,921 |
|
| |
|
|
Medical |
26,562 |
|
29,553 |
|
29,111 |
|
| |
|
|
Social welfare |
5,419 |
|
6,818 |
|
7,031 |
|
| |
|
|
University and Polytechnic |
13,189 |
|
13,189 |
|
12,900 |
|
| |
|
|
Vocational Training
Council |
1,968 |
|
2,005 |
|
1,926 |
|
| |
|
|
Miscellaneous |
2,359 |
|
3,424 |
|
3,312 |
|
| |
Other non-recurrent |
13,129 |
|
2,306 |
|
6,706 |
|
| |
|
|
|
|
|
|
|
| |
Total Operating Expenditure |
177,406 |
|
200,310 |
|
206,734 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Capital Expenditure |
|
|
|
|
|
|
| |
General Revenue Account |
|
|
|
|
|
|
| |
|
Plant, equipment and
works |
790 |
|
952 |
|
896 |
|
| |
|
Capital subventions |
1,454 |
|
953 |
|
1,088 |
|
| |
Funds |
|
|
|
|
|
|
| |
|
Capital Works Reserve
Fund |
31,267 |
|
30,919 |
|
35,593 |
|
| |
|
Disaster Relief Fund |
38 |
|
19 |
|
11 |
|
| |
|
Innovation and Technology
Fund |
— |
|
295 |
|
502 |
|
| |
|
Loan Fund |
7,856 |
|
2,789 |
|
2,710 |
|
| |
|
Lotteries Fund |
— |
|
— |
|
1,073 |
|
| |
|
|
|
|
|
|
|
|
| |
Total Capital Expenditure |
41,405 |
|
35,927 |
|
41,873 |
|
| |
|
|
|
|
|
|
|
|
| Total Government Expenditure |
218,811 |
|
236,237 |
|
248,607 |
|
| Equity Investments
(Capital Investment Fund) |
20,545 |
|
2,940 |
|
4,253 |
|
| |
|
|
|
|
|
|
|
| Total Government Expenditure
and Equity Investments |
239,356 |
|
239,177 |
|
252,860 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| $ Million |
|
| |
|
Summary of Financial
Position |
|
|
|
|
|
|
|
Actual
1998-1999 |
|
Actual
2002-2003 |
|
Revised
Estimate
2003-2004 |
|
|
| |
|
|
|
|
|
|
| Total Government Revenue |
216,115 |
|
177,489 |
|
203,837 |
|
| Less total Government
Expenditure and Equity Investments |
239,356 |
|
239,177 |
|
252,860 |
|
| |
|
|
|
|
|
|
| Consolidated surplus/(deficit) |
(23,241) |
|
(61,688) |
|
(49,023) |
|
| |
|
|
|
|
|
|
| Reserve balance at
1 April |
457,543 |
|
372,503 |
|
311,402 |
|
| Lotteries Fund balance
at 1 April(3) |
— |
|
— |
|
4,069 |
|
| Write-back of Provision
for loss in investments with the Exchange Fund(4) |
— |
|
587 |
|
— |
|
| Reserve balance at
31 March |
434,302 |
|
311,402 |
|
266,448 |
|
|
Notes: |
|
(1) |
Including salaries tax, profits tax, property
tax and personal assessment. |
|
(2) |
Including bets and sweeps tax, hotel accommodation
tax, air passenger departure tax, Cross-Harbour Tunnel passage
tax and stamp duties. |
|
(3) |
The Lotteries Fund was included in the Consolidated
Accounts of the Government with effect from 1 April 2003. |
|
(4) |
In 2002-03, the amount refers to the balance
of the provision to be written back. |
|
|
|
|
|
Source: |
Financial Services and the Treasury Bureau, Government
Secretariat.
(Enquiry Telephone No.: 2810 3658) |
|
|
|
