The Financial Services and Treasury Bureau said Friday that local government expenditure in June was 24 billion HK dollars (about 3.08 billion U.S. dollars), with revenue of 21.1 billion HK dollars, resulting in a deficit of 2.9 billion HK dollars.
Hong Kong government's expenditure for April-June amounted to 74 billion HK dollars, with revenue of 64.6 billion HK dollars, resulting in a deficit of 9.4 billion HK dollars.
The deficit was mainly because some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year, according to the bureau.
Fiscal reserves stood at 586 billion HK dollars at the end of June. (one U.S. dollar equals 7.794 Hong Kong dollars)
Source: Xinhua