Date: August 02, 2019
For the period of April to June 2019, the GOJ reported Total Revenues & Grants of $153.85 billion, $2.89 billion more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 9.4% relative to the $140.68 billion recorded for the corresponding period in 2018. ‘Tax Revenue’ and ‘Non-Tax Revenue’ outperformed projections while ‘Capital Revenues’ and ‘Grants’ underperformed projections during the review period. ‘Tax Revenue’ amounted to $137.43 billion, $3.29 billion more than budgeted while ‘Non-Tax Revenue’ of $14.41 billion was reported; $331.50 million more than budgeted. ‘Grants’ underperformed budget by $494 million, amounting to $1.19 billion during the review period. Whereas, ‘Capital Revenues totalled $813.3 million, $233.60 million or 22.3% less than budgeted. Notably, no provisional amount was booked for ‘Bauxite Levy’ for the review period.
Expenditures
Total Expenditure for the period April to June 2019 amounted to $141.03 billion, $2.68 billion or 1.9% less than the budgeted $143.71 billion. Recurrent expenditure which totalled $125.95 billion, accounted for 89.31% of overall expenditures. Relative to projections, recurrent expenditure was $2.85 billion (2.2%) less than budgeted. Of the recurrent expenditure categories for the review period, all categories with the exception of ‘Compensation of Employees’ and ‘Wages & Salaries’ were below the budgeted amount. ‘Programmes’ which amounted to $45.97 billion, was $402.20 million or 0.9% less than projected. ‘Employee Contribution’ which amounted to $4.69 billion was $321.50 million or 6.4% less than projected. In addition, ‘Wages & Salaries’ amounted to $50.19 billion and was $981.20 million or 2.0% more than projected. Whereas, ‘Compensation of Employees’ totalled $54.88 billion, 1.2% more than the budgeted amount of $54.22 billion.
As a result of the decrease in Expenditures for the period April to June 2019, the ‘Fiscal Surplus’ was $12.82 billion, relative to a projected surplus of $7.25 billion. Additionally, the primary balance for the period amounted to $37.93 billion, 6.9% 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 $150.93 billion by the end of the 2019/2020 fiscal year. For the June quarter, a primary balance of $19 billion is estimated. As at the end of June 2019, this amounted to $37.93 billion. Tax Revenue is expected to total an estimated $115 billion by the end of the June quarter. The reported tax revenue for the end of June 2019 was $137.43 billion.
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