The Government has recorded a deficit of $15.6 billion in the first quarter of the financial year. Expenditure was $52.6 billion and revenue $37 billion. A government spokesman said the main types of revenue, including taxes, were mostly received towards the end of a financial year. Reserves stood at $428.7 billion on June 30. Financial Secretary Donald Tsang Yam-kuen has forecast a deficit of $6.2 billion for 2000-01.