Government Reports HK$11.2 Billion Surplus for Fiscal Year Ending March 31, 2026.

Government's provisional financial results for year ended March 31, 2026

The Government announced today (April 30) its provisional financial results for the year ended March 31, 2026.

Expenditure and revenue for the year ended March 31, 2026, amounted to HK$790.3billion and HK$697.5 billion respectively, resulting in a surplus of HK$11.2billion after taking into account HK$156 billion received from issuance of Government Bonds and repayment of HK$52 billion principal on Government Bonds.

Expenditure and revenue for the year were 3.9 per cent (HK$32 billion) lower and 5.8 per cent (HK$38.1 billion) higher than the original estimate respectively.

The consolidated surplus for the year was HK$11.2 billion, i.e. HK$8.3 billion higher than the revised estimate of HK$2.9 billion, mainly attributable to the higher-than-expected revenue from profits tax (HK$3.6 billion), stamp duties (HK$3.1 billion) and land premium (HK$1.1 billion).

The fiscal reserves stood at HK$665.5 billion as at March 31, 2026.

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, 2026

HK$ million

Year ended

March 31, 2026

HK$ million

Revenue

42,724.0

697,468.5

Expenditure

(98,847.6)

(790,330.2)

Deficit before issuance

and repayment of

Government Bonds

(56,123.6)

(92,861.7)

Proceeds received from

issuance of

Government Bonds

7,144.7

156,036.4

Repayment of

Government Bonds*

(2,359.7)

(51,950.9)

(Deficit)/Surplus after issuance

and repayment of

Government Bonds

(51,338.6)

11,223.8

Financing

Domestic

Banking Sector (Note 2)

52,634.6

(12,155.4)

Non-Banking Sector

(1,296.0)

931.6

External

-

-

Total

51,338.6

(11,223.8)

* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

Government Debts as at March 31, 2026 (Note 3)

HK$409,832 million

Debts Guaranteed by Government as at March 31, 2026 (Note 4)

HK$110,691 million

TABLE 2. FISCAL RESERVES (PROVISIONAL)

Month ended

March 31, 2026

HK$ million

Year ended

March 31, 2026

HK$ million

Fiscal Reserves at start of period

716,879.2

654,316.8

Consolidated (Deficit)/Surplus after

issuance and repayment of

Government Bonds

(51,338.6)

11,223.8

Fiscal Reserves at end of period

(Note 5)

665,540.6

665,540.6

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, 2026, was HK$153,361 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$186,769 million as at March 31, 2026) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,550 million with maturity from June 2026 to January 2053), euros (5,800 million euros with maturity from November 2026 to November 2041), Renminbi (RMB33,000 million with maturity from July 2026 to July 2054) and Hong Kong dollars (HK$22,500 million with maturity from October 2026 to November 2027);

(ii) the Infrastructure Bonds (equivalent to HK$114,115 million as at March 31, 2026) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB38,750 million with maturity from April 2026 to June 2055) and Hong Kong dollars (HK$70,230 million with maturity from May 2026 to June 2055); and

(iii) the Silver Bonds with nominal value of HK$108,948 million (with maturity in October 2027 and October 2028 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$100,531 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,836 million as at March 31, 2026) 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$53,431 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,431 million will mature within the period from April 2026 to March 2027, and the rest within the period from April 2027 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, 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, and the commercial loan under Guaranteed Medium Term Note Programme of the Hong Kong Cyberport Management Company Limited.

5. Includes HK$249,829 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.

Source: AI-found images

Speech by SCST at opening ceremony of "The Hong Kong Jockey Club Series: Meet Mona Lisa & Portraying the Renaissance"

Following is the speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the opening ceremony of "The Hong Kong Jockey Club Series: Meet Mona Lisa & Portraying the Renaissance" today (April 30):

Consul General Christile Drulhe (Consul General of France in Hong Kong and Macau), Mr Nicholas Hunsworth (Steward of the Hong Kong Jockey Club), Ms Pansy Ho (Co-chairman of the Board of French May Arts Festival), Mrs Mignonne Cheng, (Co-Chairman of the Board of French May Arts Festival), Mr Vincent Delieuvin (Chief Curator of Italian Painting of the Sixteenth Century, Musée du Louvre), Dr Matteo Gianeselli (Curator of Musée National de la Renaissance and Art Historian), Mr Vincent Larnicol (Vice President of Grand Palais Immersif), distinguished guests, ladies and gentlemen,

Good evening. It is a great pleasure to join you here at the Hong Kong Heritage Museum for the opening of the French May Arts Festival 2026 and this magnificent exhibition, "Meet Mona Lisa and Portraying the Renaissance" - a true cornerstone of this year's Festival.

For more than three decades, the French May has been a crown jewel in Hong Kong's cultural calendar.Year after year, it brings together distinguished artists and audiences who share a deep commitment to cultural excellence from around the world, transforming our city into a vibrant living gallery. This year, under the theme "Re/naissance", I am confident that the Festival will continue to offer an energetic platform for artistic innovation and the exchange of ideas - strengthening the cultural dialogue between France and Hong Kong in unprecedented ways, and drawing visitors who come specifically to experience the rich cultural programmes.

I am particularly pleased to see the collaboration between the Culture, Sports and Tourism Bureau and this year's French May - from the Leisure and Cultural Services Department organising the Mona Lisa exhibition, to the Mega Arts and Cultural Events Fund providing funding support for various programmes. There is no doubt that this year's French May will once again embody our vision of Hong Kong as an international cultural metropolis, one that beautifully bridges different cultures.

Turning to this exhibition, the "Mona Lisa" truly needs no introduction. She is undoubtedly a highlight of this year's programme. Through the immersive digital journey specially curated by the Louvre and the Grand Palais Immersif, alongside the outstanding artworks on loan from exceptional museums and art institutions, we can step inside the frame and breathe new life into classical heritage. By bringing "Mona Lisa" to our doorstep, we are also offering our community and visitors a unique opportunity to engage with art in a way that is interactive, educational, and deeply moving.

Beyond the exhibition, another highlight to look forward to is the Sino-French Electronic Music Show, at the Central Harbourfront next week. The Show features a diverse lineup of acclaimed performers from France, the Chinese Mainland and Hong Kong. With the stunning Victoria Harbour as backdrop, this event promises world-class entertainment and an unforgettable night of great music and joyful moments. Together with more than 100 programmes and educational activities running from May through July, I am confident that this year's Festival will once again transcend cultural boundaries, advance the spirit of cultural exchange, and inspire innovation for the future.

Before I close, I wish to express my heartfelt gratitude to the French May team, the Consulate General of France in Hong Kong, and all the outstanding artists and collaborating organisations for their invaluable contributions and support. I look forward to seeing this vibrant partnership flourish in the years ahead. I wish the Festival and the exhibition every success, and everyone here a very pleasant evening. Thank you.

Source: AI-found images