DEPOSITS: (e)
$
LIABILITIES
$
Donations and Grants
12,663,841.71
Lands and Works:
Contract Retentions Private Works
7,035,692.85 84,813,949.95
207,562,528.01
299,412,170.81
HONG KONG GOVERNMENT
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 1986
31 March 1986
31 March 1985
$
552,325.24
$
CASH IN HAND, IN TRANSIT AND BALANCE WITH BANKERS AND AGENTS:
Hong Kong
Overseas (b)
SHORT NOTICE AND TIME DEPOSITS: Hong Kong (c)
116,850,652.05
65,753,039.09
Water Deposits
Other Deposits:
Control of Publications
Government Servants
170,312,891.49
3,600,000.00 3,352,302.94
3,330,000.00
3,117,363.65
Tax Reserve Certificates Miscellaneous
518,579,246.94
520,551,157.83
1,046,082,707.71
1,358,158,720.23
57,336,195.00 403,773,833.19
SPECIAL FUNDS:
World Refugee Year Loan Fund for Co-operative Societies
SUSPENSE:
Special Coin
MASS TRANSIT FUND (α)
CAPITAL WORKS RESERVE FUND (e)
GENERAL REVENUE BALANCE:
As at 1 April 1985
Surplus and Deficit Account at
31 March 1986 - Surplus/(Deficit)
Notes:
328,767.23
211,803.27
281,529,658.50
231,758,597.12
345,012,000.00
5,271,973,101.70
15,518,078,710.05
1,442,760,269.30
16,960,838,979.35
16,077,298,631.60
(559,219,921.55)
$18,600,856,125.31
$22,188,060,511.85
ASSETS
$
$
31 March 1986
31 March 1985
$
$
1,018,891,969.73 5,656,687.70
1,037,177,039.37
1,024,548,657.43
EXCHANGE FUND DEBT CERTIFICATES
SPECIAL FUNDS:
World Refugee Year Loan Fund for Co-operative
Societies - Short notice and time deposits
SUSPENSE:
Financial Secretary Incorporated
IMPRESTS (b)
ADVANCES:
Recoverable Advances:
Personal-General
Post Office
Private Works Miscellaneous
Other Advances:
Miscellaneous
148,560,085.10
6,887,104.65
5,778,350.89 1,747,746,909.78
1,908,972,450.42
5,684,800,740.06
9,953,383,462.85
5,198,964,817.57
14,002,296,525.18
250,000.00
100,000.00
189,934,07
27,071,631.43
1,140,741.07
20,264,544.09
1,639,249.05
1,910,611,699.47
143,647,068.93 10,790,951.91
BALL
1,771,826,967.09
1,851,856.64
$18,600,856,125.31
$22,188,060,511.85
(a) This Statement does not include assets and liabilities of the Funds, established under Section 29 of the Public Finance Ordinance (Cap. 2), for which separate statements of accounts are prepared. (b) Overseas currency balances have been valued at the middle market rates for telegraphic transfers on the last working day of March 1986 as advised by the Hong Kong Association of Banks.
(c) The short notice and time deposits include $26,816,782.16 held for the Official Receiver under Section 294 of the Companies Ordinance (Cap. 32).
(d) Separate statements of account are now prepared for the Mass Transit Fund and the balance on the Fund is no longer reflected in this Statement.
(e) Following the restructuring of the Capital Works Reserve Fund under the Resolution passed by the Legislative Council on 15 May 1985 (L.N. 131 of 1985), deposit accounts totalling $138,873,016.71
relating to the Fund and the Fund's balance of $5,158,997,453.73 were transferred on 27 May 1985 to the Works Account of the restructured Fund.
(f) The assets do not include:
1. outstanding loans of $14,896,652.39 made from General Revenue.
2. a debt of $500 million due to the Government, assumed by the Kowloon-Canton Railway Corporation under Section 10(2)(6) of the Kowloon-Canton Railway Corporation Ordinance (Cap. 372).
3. 910 shares in Asian Development Bank at a total subscription cost of $52,610,856.59 of which an amount of $992,628.77 is represented by promissory notes issued by the Government.
(g) The liabilities do not include outstanding public debt of $1,385,430,540.40.
(h) There are contingent liabilities as listed below, with the maximum amount of liability as at 31 March 1986 indicated in brackets:
1. capital subscription to Asian Development Bank (US$45.7 million);
2. outstanding currency notes demonetized under the Dollar and Subsidiary Currency Notes Ordinance (Cap. 67) ($10.2 million);
3. one cent notes issued under Section 4(1) of the Dollar and Subsidiary Currency Notes Ordinance (Cap. 67) ($1 million);
4. gold coins issued in accordance with L.N. 97 of 1975 ($316.5 million);
5. a guarantee on notes issued by the Hong Kong Building and Loan Agency Ltd. ($320 million);
6. all moneys which may become due by the Hong Kong Export Credit Insurance Corporation under contracts of insurance ($3,364 million);
7. guarantees in respect of the repayment of loans made to and the discharge of indebtedness of the Mass Transit Railway Corporation under the facilities specified in the Schedules to L.N. 242 of 1975
and L.N. 105 of 1978 ($6,818 million);
8. guarantees in respect of the redemption or repayment of bonds or notes issued by the Mass Transit Railway Corporation in Hong Kong (L.N. 121 of 1976 and L.N. 324 of 1983) ($400 million);
9. a guarantee in respect of the reimbursement of costs incurred by the Mass Transit Railway Corporation arising from the possible extension of the mass transit railway to Junk Bay ($0.7 million); 10. a guarantee in respect of the repayment of a bank loan for the German Swiss International School Foundation Ltd. ($0.2 million);
11. full and partial default guarantees in respect of mortgage loans made by banks and other financial institutions under the Home Ownership Scheme and the Private Sector Participation Scheme ($5,092.1
million);
12. a guarantee in respect of the reimbursement to the developers of the projects under the Private Sector Participation Scheme for unsold flats and flats sold at a price below the stipulated average price
($1,712.6 million);
13. à guarantee under Section 13 of the Kowloon-Canton Railway Corporation Ordinance (Cap. 372) in respect of the repayment of the principal of, the payment of interest on, and the discharge of any
other financial obligation in connexion with any sums borrowed by the Kowloon-Canton Railway Corporation ($500 million);
14. a guarantee in respect of the City Polytechnic of Hong Kong against any capital loss on disposal of the temporary premises and a guarantee in respect of a commercial loan to the City Polytechnic
of Hong Kong for the acquisition of temporary premises ($260 million);
15. a guarantee in respect of a commercial borrowing facility for the Hong Kong Nuclear Investment Company Ltd. ($25 million);
16. possible equity injections to the Mass Transit Railway Corporation to be made on or after 31 December 1989 ($2,500 million);
17. outstanding New Territories Land Exchange Entitlements (Letters A/B) (estimated monetized value of $3,289 million); 18. outstanding litigations ($100 million).
THE TREASURY, Hong Kong, 27 June 1986
C. F. M. O'KELLY
Director of Accounting Services
35
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