A surplus of HKD123.6bn has been recorded for the 2007-08 financial year in Hong Kong, up HKD8bn on the HKD115.6bn surplus forecast in the 2008-09 Budget.
Expenditure for the year ending 31st March was HKD234.8bn, with revenue of HKD358.4bn, resulting in a surplus of HKD123.6bn.
The Financial Services & the Treasury Bureau explained that the improved financial position was due to the higher than expected collection of profits tax and stamp duties towards the end of the financial year.
Revenue for the year was HKD5.5bn higher than forecast, while expenditure was HKD2.5bn lower.
The fiscal reserves stood at HKD492.9bn at March 31, up HKD123.6bn compared with the balance of HKD369.3bn at the same time last year.
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