TNAG-0620-FCO40-768-Annual-accounts-of-Hong-Kong-Government-for-year-ending-1976-1977 — Page 53

Sir,

THE TREASURY,

HONG KONG.

30th August, 1976.

THE ANNUAL REPORT OF THE DIRECTOR OF ACCOUNTING SERVICES FOR 1975/76

The accounts were completed in June 1976 and the statement of assets and liabilities was signed on 17th June, 1976 and published in the Gazette on 2nd July, 1976. They were transmitted to the Director of Audit within the period prescribed in Section 11 of the Audit Ordinance 1971. I now have the honour to submit copies of the final accounts and supporting statements together with my covering report.

THE GENERAL REVENUE BALANCE

2. The Estimates for the year forecast a deficit of $431,384,000 and the Revised Estimates a surplus of $57,107,000. The final result was a surplus of $487,349,208. The following is a summary of these Estimates and of the actual results:

Revenue Expenditure

Surplus(S)/Deficit(D)

Original Estimate

Revised Estimate

$

$

Actual

$

6,184,010,000

6,615,394,000

6,279,361,000 6,222,254,000

6,519,539,700 6,032,190,492

$ 431,384,000(D) $ 57,107,000(S)

$ 487,349,208(S)

The actual surplus of $487,349,208 included receipts of $262,541,952 in respect of loans which were not included in the original estimates.

3. At the 31st March, 1976 the General Revenue Balance stood at $2,810,256,030; the increase during the year being:

The Surplus

*

Less Depreciation on investments and exchange differences

$

487,349,208

199,047,758

Net increase

$288,301,450

4. 'Depreciation on investments and exchange differences' is a net figure comprising: (i) $15,596,914 being the net appreciation arising from the revaluation of investments at middle market prices at the 31st March, 1976 and the outcome of various investment transactions during the year; and (ii) $214,644,672 being the net Hong Kong dollar loss in adjusting the values of overseas assets to the rates of exchange ruling in Hong Kong on the last working day of March, 1976.

5. The increase since 1st April, 1975, of $288.302 million in the General Revenue Balance is reflected in the following changes in assets and liabilities:

Assets:

Cash

Short Notice and Time Deposits

Investments

Special Funds

Suspense

Advances...

Increase in Assets

1

($ million) 31.3.75

($ million) 31.3.76

($ million) Difference

410.957

233.316

-177.641

1,845.426

2,412.301

+-566.875

1,025.835

0.050

829.053

0.100

-196.782

+ 0.050

0.106

68.206

66.450

0.106

1.756

$

190.640m.