A $10.4 billion deficit was recorded in the Government's financial results for May, resulting in a $13.6 billion deficit for the financial year's first two months.

The Financial Services & the Treasury Bureau said $9.3 billion in revenue was collected in May, while the Government spent $19.7 billion.

The deficit was mainly because major revenue items like salaries and profits taxes are received towards the end of a financial year.

Spending for the April-May period was $41.2 billion and revenue was $27.6 billion. Fiscal reserves stood at $480.8 billion as at end of May.

Total Government debts were $15.6 billion, including a toll revenue bond of $922.5 million to be repaid to Hong Kong Link 2004 by the net toll revenue receivable of government tolled tunnels and bridges.

The debts also include institutional notes of $14.69 billion and guarantees provided under various finance schemes.