According to the accrual-based Consolidated Statement of Financial Position, as at March 31, the Government's net assets were worth $1.0904 trillion while a deficit of $133.1 billion was recorded for the 2008-09 financial year.

The Financial Services & the Treasury Bureau today said the Government's net assets are represented by three reserves: the General Reserve ($361.6 billion); Exchange Fund Reserve ($437.1 billion); and, Capital Expenditure Reserve ($291.7 billion).

The cash resources available for the Government's spending remain to be the fiscal reserves, which stood at $494.4 billion as at March 31.

The Government's general reserve as at that date was $361.6 billion, $132.8 billion less than the fiscal reserves of $494.4 billion reported in the cash-based accounts.

The difference arises because the Government's net financial assets in the accrual-based accounts take into consideration the Government's liabilities like government bonds and notes, pensions and staff leave, offset partly by financial assets like investments in the MTR Corporation and the Airport Authority.