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Budget | Lotteries Fund is expected to see dividends for three consecutive years, injecting 1.1 billion yuan, still expected to record a deficit

2021-02-24T12:52:22.729Z


In response to the epidemic, the lottery was suspended for more than half a year, which affected the revenue of the lottery fund. The year before last recorded a deficit of 520 million yuan. The budget was released today (24th). Chen Maobo announced that he would inject 1.1 billion yuan into the fund to ensure that it will not affect


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Written by: Huang Yongyu

2021-02-24 20:39

The last update date: 2021-02-24 20:39

In response to the epidemic, the lottery was suspended for more than half a year, which affected the revenue of the lottery fund. The year before last recorded a deficit of 520 million yuan.

The budget was released today (24th), and Chen Maobo announced an injection of 1.1 billion yuan into the fund to ensure that it would not affect the development of much-needed social welfare service premises.

However, the latest budget shows that the government expects that this year and next year will continue to record deficits of 2.238 billion and 1.704 billion, respectively. That is to say, it has seen the red for three consecutive years, and the balance will fall below 20 billion in the coming year.

15% of the sales revenue of the Mark Six lottery is included in the Lottery Fund of the Social Welfare Department.

(Profile picture)

Chen Maobo announced a capital injection of 1.1 billion

Financial Secretary Chen Maobo said today that as the "lottery fund" has suffered a significant decline in income due to the epidemic, he announced an injection of 1.1 billion yuan into the fund to ensure the development of much-needed social welfare service premises, especially larger elderly and rehabilitation service facilities , It can be set up as scheduled, and the feasibility study and detailed design of related development projects will not be affected.

According to the latest budget, the lottery fund's revenue in the revised budget for 20/21 is about 1.12 billion, of which the revenue from the Mark Six lottery plummeted from 1.15 billion in 19/20 to 287 million, a 75% drop; as for expenditures About 3.362 billion yuan, the estimated deficit is 2.238 billion yuan, and the fund balance drops to 21.1 billion yuan.

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For the next fiscal year, the government expects revenue of approximately 2.87 billion yuan, an increase of 60% over this year's revenue, including 1.176 billion yuan in Mark Six lottery revenue and 1.668 billion yuan in investment income, among which investment income includes repayment from housing reserves.

As for expenditure, it is expected to rise from 3.362 billion yuan to 4.574 billion yuan, an increase of 1.212 billion or 35%. The deficit will reach 1.704 billion yuan, and the fund balance will fall below the 20 billion mark, leaving only 19.398 billion yuan.

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01News

Financial Secretary, Social Welfare Department

Source: hk1

All news articles on 2021-02-24

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