HK Records 815 mln HKD Surplus in July

An 815 million HK dollars surplus was recorded in the Hong Kong government's financial results for July, but a 9.5 billion HK dollars deficit was still recorded for the financial year's first four months.

The Financial Services and the Treasury Bureau of Hong Kong Tuesday said 28.7 billion HK dollars in revenue was collected in July, while the government spent 27.89 billion HK dollars.

Spending for the four-month period ended July 31 was 99 billion HK dollars and revenue was 89.5 billion HK dollars.

The deficit for the period was mainly because some major types of revenue, including salaries and profits taxes, were mostly received towards the end of a financial year.

Fiscal reserves stood at 510.8 billion HK dollars at the end of July. (1 U.S. dollar equals 7.78 HK dollars)