Government Operations Results for April 2018.

June 01, 2018

Government Operations Results for April 2018

For the period of April 2018, the GOJ reported Total Revenues & Grants of $41.41 billion, $553.30 million more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 20.6% relative to the $34.35 billion recorded for the corresponding period in 2017. ‘Tax Revenue’, ‘Capital Revenue’ and ‘Grants’ outperformed projections while ‘Non-Tax Revenues’ underperformed projections during the review period. ‘Tax Revenue’ amounted to $37.39 billion, $136.50 billion more than budgeted while ‘Capital Revenue’ of $161.80 million was reported; $1.10 million more than budgeted. ‘Grants’ outperformed budget by $24.40 million, amounting to $719.60 million during the review period. On the other hand, ‘Non-Tax Revenue’ totalled $2.64 billion, $108.6 million or 4.0% less than budgeted. Notably, no provisional amount was booked for ‘Bauxite Levy’ for the review period.


Expenditures

Total Expenditure for the period April 2018 amounted to $47.11 billion, $866.60 million 1.8% less than the budgeted $47.98 billion. Recurrent expenditure which totalled $44.50 billion, accounted for 94.45% of overall expenditures. Relative to projections, recurrent expenditure was $860.70 million (1.9%) less than budgeted. Of the recurrent expenditure categories over the review period, all categories with the exception of ‘Compensation of Employees’ and ‘Wages & Salaries’ came in below budget. ‘Programmes’ which amounted to $13.71 billion was $489.70 million or 3.4% less than projected while ‘Employee Contribution’ which amounted to $1.14 billion for the period was under budget by 1.9% relative to the budgeted $1.14 billion. ‘Compensation of Employees’ which amounted to $17.35 billion was $78.10 million or 0.5%  more than projected, while ‘Wages & Salaries’ amounted to $16.21 billion and was $80.00 million or 0.5% more than projected.

As a result of the increase in Revenue & Grants for the period April 2018, the ‘Fiscal Deficit’ was $5.71 billion, relative to a projected deficit of $7.13 billion. Additionally, the primary balance for the period amounted to $7.74 billion, 14% 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 $141.1 billion by the end of the 2018/2019 fiscal year. For the June quarter, a primary balance of $18.0 billion is estimated. As at the end of April 2018, this amounted to $7.74 billion. Tax Revenue is expected to total an estimated $110.0 billion by the end of the June quarter. The reported tax revenue for the end of April 2018 was $37.39 billion.

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2018-06-01T20:14:30-05:00