The Hong Kong government announced last week that a $14 billion surplus was recorded for the 2005-06 financial year, an improvement of $9.9 billion over the revised estimate of $4.1 billion announced in the 2006-07 Budget.
Revenue for the year amounted to $247.1 billion, and spending to $233.1 billion.
Revenue was $5.4 billion better than expected, largely as a result of higher collections in stamp duties, profits tax, salaries tax and land premiums towards the end of the financial year.
Meanwhile, spending was $4.5 billion lower than forecast as a result of strenuous efforts to rein in expenses and spend only where necessary.
On March 31, the fiscal reserves stood at $310.7 billion, up $14.7 billion compared with the balance of $296 billion at March 31 last year.
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