Table 8

(Chapter 3: The Economy)
Total Government Revenue and Expenditure and
Summary of Financial Position
$ Million
  Revenue
  Actual
1997–1998		   Actual
2001–2002		   Revised
Estimate
2002–2003		  
             
Operating Revenue            
  Direct taxes            
    Earnings and profits tax(1) 91,524   77,749   71,400  
  Indirect taxes            
    Duties 8,465   6,981   6,593  
    General rates 6,258   12,727   8,832  
    Internal revenues(2) 44,263   21,077   19,380  
    Motor vehicle taxes 4,246   2,676   2,605  
    Royalties and concessions 1,889   1,881   1,728  
  Other revenue            
    Fines, forfeitures and penalties 1,566   926   817  
    Properties and investments 7,159   8,621   7,962  
    Reimbursements and contributions 6,042   4,154   3,963  
    Utilities—            
      Airport and air services 3,968   —   —  
      Ferry terminals 264   206   216  
      Postal services 53   —   —  
      Water 2,450   2,471   1,471  
      Sewage services —   689   393  
    Fees and charges 11,279   10,916   9,699  
  Interest 8,976   225   2,681  
  Land Fund—Investment income 6,006   106   11,911  
  Total Operating Revenue 204,408   151,405   149,651  
Capital Revenue            
  Indirect taxes            
    Estate duty 1,588   1,928   1,500  
    Taxi concessions 23   —   —  
  Other revenue 20,128   3,312   3,504  
  Funds            
    Capital Works Reserve Fund (Land sales and interest) 48,067   10,683   11,792  
    Capital Investment Fund 3,888   2,816   2,425  
    Civil Service Pension Reserve Fund 647   5   564  
    Disaster Relief Fund 2   1   —  
    Innovation and Technology Fund —   27   230  
    Loan Fund 2,475   5,382   3,679  
  Total Capital Revenue 76,818   24,154   23,694  
Total Government Revenue 281,226   175,559   173,345  
 
$ Million
  Expenditure
  Actual
1997–1998		   Actual
2001–2002		   Revised
Estimate
2002–2003		  
             
Operating Expenditure            
               
  Recurrent expenditure            
    Personal emoluments 40,114   51,909   51,334  
    Personnel related expenses 4,345   4,870   4,863  
    Pensions 9,272   12,899   12,229  
    Departmental expenses 8,067   14,366   16,306  
    Other charges 24,139   31,328   34,406  
    Subventions—            
      Education 18,877   25,137   25,996  
      Medical 24,039   29,546   29,688  
      Social welfare 4,598   6,960   6,891  
      University and Polytechnic 11,792   13,258   13,186  
      Vocational Training Council 1,806   2,067   2,005  
      Miscellaneous 2,337   3,252   3,423  
  Other non-recurrent 11,180   3,151   2,283  
  Total Operating Expenditure 160,566   198,743   202,610  
                 
Capital Expenditure            
  General Revenue Account            
  Plant, equipment and works 852 984 1,083
    Capital subventions 1,065   960   965  
Funds      
    Capital Works Reserve Fund 28,772   30,330   32,269  
    Disaster Relief Fund 38   8   12  
    Innovation and Technology Fund —   283   330  
    Loan Fund 2,948   7,277   3,136  
  Total Capital Expenditure 33,675   39,842   37,795  
Total Government Expenditure 194,241   238,585   240,405  
Equity Investments (Capital Investment Fund) 119   305   2,985  
Total Government Expenditure and Equity Investments 194,360   238,890   243,390  
 
$ Million
  Summary of Financial Position
  Actual
1997–1998		   Actual
2001–2002		   Revised
Estimate
2002–2003		  
             
Total Government Revenue 281,226   175,559   173,345  
Less total Government Expenditure and 194,360   238,890   243,390  
      Equity Investments            
Consolidated surplus/(deficit) 86,866   (63,331)   (70,045)  
             
Reserve balance at 1 April 370,677   430,278   372,503  
                 
Write-back of Provision for loss in investments with the —   5,556   587  
      Exchange Fund(3)            
                   
Reserve balance at 31 March 457,543   372,503   303,045  
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) In 2001–02, the amount refers to the write-back of the provision in 2000–01, less the estmiated amount required to meet the diminution in the market value of investments with the Exchange Fund in January 2002.
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)