February 01, 2018.

For the period of April 2017 to December 2017, the GOJ reported Total Revenues & Grants of $392.16 billion, $15.72 billion more than the government’s projection. Furthermore, year over year, this represents an increase of approximately 11.4% relative to the $352.04 billion recorded for the corresponding period in 2016. ‘Tax Revenue’, ‘Non-Tax Revenue’, ‘Capital Revenue’ and ‘Grants’, outperformed projections while ‘Bauxite Levy’ underperformed projections during the review period. ‘Tax Revenues’ amounted to $353.06 billion, $11.5 billion more than budgeted, ‘Non-Tax Revenue’ of $32.20 billion was reported; $1.27 million more than budgeted. ‘Grants’ totalled $3.37 billion, $161.6 million or 5.0% more than budgeted.  In addition, “Bauxite Levy” closed at $127.5 million, 3.5 million or 2.7% below the budgeted figure of $131.0 million, while ‘Capital Revenues’ grossly outperformed projections by 455.1% or $2.79 billion to total $3.40 billion relative to the budgeted figure of $613 million.

Expenditures

Total Expenditure for the period April to December 2017 amounted to $389.63 billion, $9.44 billion or 2.4% less than the budgeted $399.07 billion. Recurrent expenditure which totalled $358.65 billion, accounted for 92.05% of overall expenditures. Relative to projections, recurrent expenditure was $10.36 billion (2.8%) less than budgeted. Of the recurrent expenditure categories over the review period, all categories with the exception of ‘Employee Contribution’ came in below budget. ‘Programmes’ which amounted to $123.16 billion was $3.44 billion or 2.7% less than projected, ‘Compensation of Employees’ which amounted to $140.27 billion was $4.25 billion or 2.9%  less than projected and ‘Wages & Salaries’ amounting to $129.51 billion was $4.97 billion or 3.7% less than projected. ‘Employee Contribution’ which amounted to $10.76 billion for the period was over budget by 7.2% relative to the budgeted $10.04 billion.

As a result of the increase in revenues and grants for the period April to December 2017, the ‘Fiscal Surplus’ was $2.54 billion, relative to a projected deficit of $22.62 billion. Additionally, the primary balance for the period amounted to $97.76 billion, 29.9% more than budgeted.

As part of the Memorandum of Economic and Financial Policies (MEFP), the GOJ estimates that the primary balance, as a performance criterion, should amount to $132.3 billion by the end of the 2017/2018 fiscal year.  For the December quarter, a primary balance of $59.0 billion is estimated. As at the end of December 2017, this amounted to $97.76 billion.  Tax Revenue was expected to total an estimated $328.0 billion by the end of the December quarter. The reported tax revenue for the end of December 2017, was t $353.06 billion.

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