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HONG KONG, December 27 -- Hong Kong's accrual-based consolidated accounts for the financial year 2005-2006 have reported a surplus of 47.6 billion HK dollars (6.1 billion U.S. dollars), 33.6 billion HK dollars (4.31 billion U.S. dollars) more than the cash-based surplus of 14 billion HK dollars (1.79 billion U.S. dollars), the Financial Services and the Treasury Bureau said Wednesday.

The difference is mainly due to inclusion of the surplus of the Exchange Fund and government business enterprises, as well as the one-off gain on the divestment of the Housing Authority's retail and carparking facilities, partly offset by the provision for expenses, such as pensions, in arriving at the accrual-based surplus, the bureau said.

According to the accrual-based Consolidated Statement of Financial Position, the government's net assets were 910.7 billion HK dollars (116.76 billion U.S. dollars) as at March 31, 2006. These net assets were represented by three reserves: the General Reserve of 185.5 billion HK dollars (23.78 billion U.S. dollars), Exchange Fund Reserve of 453.9 billion HK dollars (58.19 billion U.S. dollars) and Capital Expenditure Reserve of 271.3 billion HK dollars (34.78 billion U.S. dollars).

The government's General Reserve was 185.5 billion HK dollars (23.78 billion U.S. dollars), 125.2 billion HK dollars (16.05 billion U.S. dollars) less than the Fiscal Reserves of 310.7 billion HK dollars (39.83 billion U.S. dollars) reported in the cash-based accounts.

The difference arises because the government's net financial assets in the accrual-based accounts take into account its liabilities such as government bonds and notes, pensions and untaken staff leave, offset partly by financial assets such as investments in the MTR Corporation Limited and the Airport Authority.

The cash resources available for the government's spending are the Fiscal Reserves, which stood at 310.7 billion HK dollars (39.83 billion U.S. dollars) as at March 31.