HK posts $3.34 bln surplus in 2009/2010 fiscal year
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The Hong Kong economy recorded a fiscal surplus of 25.9 billion HK dollars (3.34 billion U.S. dollars) in the 2009/2010 fiscal year, which ended on March 31, 2010, government data showed on Friday.
In the 2009/2010 fiscal year, the city government collected 318. 4 billion HK dollars in revenue and spent 292.5 billion HK dollars. By the end of March this year, HK's fiscal reserves stood at 520.3 billion HK dollars, according to figures released by HK's Financial Service & the Treasury Bureau.
It said the provisional surplus of 25.9 billion HK dollars was up 12.1 billion HK dollars on the revised estimate.
Revenue was 9.9 billion HK dollars better than expected, largely due to higher receipts of salaries tax, profit tax, land premiums and stamp duties. Expenditure was 2.2 billion HK dollars lower than forecast for the revised estimate, mainly due to lower requirements.
March saw a 21.1 billion HK dollars deficit as the city spent 42.6 billion HK dollars and collected 21.5 billion HK dollars in revenue, it said. (One U.S. dollar equals 7.755 HK dollars.)
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