HONG KONG: The Hong Kong economy recorded a fiscal surplus of HK$25.9 billion ($3.34 billion) 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 HK$318.4 billion in revenue and spent HK$292.5 billion. By the end of March this year, HK's fiscal reserves stood at HK$520.3 billion, according to figures released by HK's Financial Service & the Treasury Bureau.
It said the provisional surplus of HK$25.9 billion was up HK$12.1 billion on the revised estimate.
Revenue was HK$9.9 billion better than expected, largely due to higher receipts of salaries tax, profit tax, land premiums and stamp duties. Expenditure was HK$2.2 billion lower than forecast for the revised estimate, mainly due to lower requirements.
March saw a HK$21.1 billion deficit as the city spent HK$42.6 billion and collected hK$21.5 billion in revenue, it said.
