Provisional financial results for year ended March 31, 2025
The Government announced today (April 30) its provisional financial results for the year ended March 31, 2025.
Expenditure and revenue for the year ended March 31, 2025 amounted to HK$753.2 billion and HK$564.9 billion respectively, resulting in a deficit of HK$80.3 billion after taking into account HK$130 billion received from issuance of Government Bonds and repayment of HK$22 billion principal on Government Bonds.
Expenditure and revenue for the year were 3 per cent (HK$23.7 billion) and 10.8 per cent (HK$68.1 billion) lower than the original estimate respectively.
The consolidated deficit for the year was HK$80.3 billion, i.e. HK$6.9 billion lower than the revised estimate of HK$87.2 billion. Revenue was HK$5.3 billion (1 per cent) higher than expected, mainly attributable to stamp duties ($5.9 billion higher) and salaries tax ($0.9 billion higher). Expenditure was HK$1.5 billion (0.2 per cent) lower than the revised estimate mainly due to lower-than-expected requirements.
The fiscal reserves stood at HK$654.3 billion as at March 31, 2025.
A Government spokesperson said that these are provisional figures pending the final closing of the annual accounts. According to experience, any changes to the provisional figures are unlikely to be significant.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (PROVISIONAL) (Note 1)
Month ended
March 31, 2025
HK$ million |
Year ended
March 31, 2025
HK$ million |
Revenue |
89,180.8 |
564,911.8 |
Expenditure |
(82,894.9) |
(753,223.5) |
Surplus/(Deficit) before issuance
and repayment of
Government Bonds |
6,285.9 |
(188,311.7) |
Proceeds received from
issuance of
Government Bonds |
5,766.6 |
130,036.1 |
Repayment of
Government Bonds* |
(39.3) |
(21,993.0) |
Surplus/(Deficit) after issuance
and repayment of
Government Bonds |
12,013.2 |
(80,268.6) |
Financing |
Domestic |
Banking Sector (Note 2) |
(10,379.7) |
79,135.5 |
Non-Banking Sector |
(1,633.5) |
1,133.1 |
External |
- |
- |
Total |
(12,013.2) |
80,268.6 |
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses. |
Government Debts as at March 31, 2025 (Note 3)
HK$299,344 million
Debts Guaranteed by Government as at March 31, 2025 (Note 4)
HK$127,472 million
TABLE 2. FISCAL RESERVES (PROVISIONAL)
Month ended
March 31, 2025
HK$ million |
Year ended
March 31, 2025
HK$ million |
Fiscal Reserves at start of period |
642,303.6 |
734,585.4 |
Consolidated Surplus/(Deficit) after
issuance and repayment of
Government Bonds |
12,013.2 |
(80,268.6) |
Fiscal Reserves at end of period
(Note 5) |
654,316.8 |
654,316.8 |
Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at March 31, 2025, was HK$225,261 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:
(i) the Green Bonds (equivalent to HK$194,375 million as at March 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$50,177 million as at March 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB13,500 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$35,730 million with maturity from November 2025 to March 2045); and
(iii) the Silver Bonds with nominal value of HK$54,792 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$176,340 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,778 million as at March 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,340 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$6,500 million were repaid upon maturity on April 14, 2025; bonds with nominal value of HK$68,590 million will mature within the period from May 2025 to March 2026 and the rest within the period from April 2026 to May 2042.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.
5. Includes HK$280,768 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
EDB reminds parents to choose primary schools under Central Allocation process for their children
The Education Bureau (EDB) today (January 12) reminded parents that children who have joined the Primary One Admission (POA) System for 2026 but have not yet secured a discretionary place can take part in the Central Allocation process for a Primary One (P1) place in a government or aided primary school. Parents concerned should make their choice of schools within the period from January 19 to 25.
Digitalisation of POA
---------------------------
In line with the Smart Government strategy, the EDB has fully implemented digitalisation of the POA. Parents who have registered as POA e-Platform (ePOA) users and have bound their account to "iAM Smart+" may submit the Choice of Schools Form for Central Allocation from January 19 to 25 through the ePOA. Please refer to the related videos and Parent's Guide on the EDB's website (www.edb.gov.hk/en/edu-system/primary-secondary/spa-systems/primary-1-admission/poa_eplatform/index.html) for details of the procedures for activating and logging into an ePOA account and for making school choices for the Central Allocation of POA via the e-Platform.
Making school choices at Central Allocation Centres
-----------------------------------------------------------------
The EDB will send letters to parents on January 14 inviting them to make their choice of schools. To cater for the needs of different parents, parents can still submit the Choice of Schools Form in paper form by visiting the designated Central Allocation Centre at the suggested time slot (i.e. 9.30am to 12.30pm or 1.30pm to 4.30pm on January 24 (Saturday) or 9.30am to 12.30pm on January 25 (Sunday)) stated in the letter.
Parents who are ePOA users may choose to submit the Central Allocation Application via the ePOA or in paper form to the Central Allocation Centre but should not submit duplicate applications. Parents who have not yet received the letter by January 19 should call the School Places Allocation Section of the EDB (Hotline: 2832 7700) as soon as possible.
Only one parent of an applicant child is required to complete the school choice-making procedures. Parents are advised not to take their children to the Central Allocation Centre if possible. Parents who cannot make school choices within the suggested time slot can go to the designated Central Allocation Centre from 1.30pm to 4.30pm on January 25. The Choice of Schools Form will be sent together with the letter to parents who have submitted a paper Application Form at the Discretionary Places stage for filling out in advance.
In the event of adverse weather or other special conditions on any day during the period of making school choices, please pay heed to radio or television announcements on the relevant special arrangements.
Unable to submit application within specified choice-making period
------------------------------------------------------------------------------------
For individual parents who are unable to use the ePOA or go to the Central Allocation Centre to make school choices, they can authorise in writing a representative to bring the completed Choice of Schools Form and their signed Letter of Authorisation to the Central Allocation Centre to proceed with the related procedures.
To apply for POA 2026 for their children after January 25, parents need to complete necessary procedures with the School Places Allocation Section, which will separately arrange P1 places for the applicant children in June.
Change of residential address
--------------------------------------
An EDB spokesman reminded parents that, if they have recently moved their residence or have such plans in the near future, they are required to inform the School Places Allocation Section as soon as possible so that they can make school choices in the POA School Net where their new home is located. Parents should fill in the actual residential address of their child. If they provide a false address for securing a P1 place, the POA application of their child will be rendered void and the P1 place allocated will be withdrawn.
The EDB has put in place a monitoring mechanism to verify the residential addresses of applicant children as given by the parents. Random checks have also been stepped up. The public may call the School Places Allocation Section to report suspected cases of using a false address by parents for their children's POA application. The EDB will take action against false address cases.
Mechanism of Central Allocation
----------------------------------------
Central Allocation is composed of two parts. Part A, which takes up 10 per cent of the P1 places earmarked for Central Allocation, is for unrestricted school choices. Parents can choose up to three government or aided primary schools in any school net. Part B takes up the remaining 90 per cent of the P1 places earmarked for Central Allocation. Parents of applicant children residing in the school net concerned are to select schools from the "Choice of Schools List for Central Allocation (Primary One Admission 2026)" of their school net, while parents of applicant children who intend to commute daily to schools in Hong Kong are to select schools from the "2026 Choice of Schools List for Central Allocation (For Applicant Children who intend to commute daily to schools in Hong Kong)". Parents should fill in the Choice of Schools Form in the order of their preference.
The mechanism of the Central Allocation is based on parents' choices in general. The computer-programmed allocation will first process the school choices in Part A and then the school choices in Part B. For oversubscribed schools, the order of priority in allocating places will be determined by random numbers generated by the computer for individual applicants to ensure fairness.
For information about the procedures for Central Allocation, please call the EDB's 24-hour automatic telephone enquiry service at 2891 0088.
Release of Central Allocation results
----------------------------------------------
For parents who have already activated their ePOA account via "iAM Smart" or "iAM Smart+", they will receive their Central Allocation results through the ePOA from 10am on June 3. Parents who wish to receive the allocation results via SMS on June 3 may choose such an option in the Choice of Schools Form. In addition, the allocation results will be sent to parents by post on June 3 and 4.
Source: AI-found images
