Government Operations Results for April 2019

June 05, 2019

For the period of April 2019, the GOJ reported Total Revenues & Grants of $46.11 billion, $1.54 billion more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 11.4% relative to the $41.41 billion recorded for the corresponding period in 2017. ‘Tax Revenue’, ‘Non-Tax Revenue’ and ‘Grants’ outperformed projections while ‘Capital Revenues’ underperformed projections during the review period. ‘Tax Revenue’ amounted to $41.35 billion, $1.17 billion more than budgeted while ‘Non-Tax Revenue’ of $3.32 billion was reported; $376.8 million more than budgeted. ‘Grants’ outperformed budget by $55.3 million, amounting to $629.1 million during the review period. On the other hand, ‘Capital Revenues totalled $813.3 million, $52.9 million or 6.1% less than budgeted. Notably, no provisional amount was booked for ‘Bauxite Levy’ for the review period.

Expenditures

Total Expenditure for the period April 2019 amounted to $52.12 billion, $250.8 million 0.5% more than the budgeted $51.87 billion. Recurrent expenditure which totalled $46.03 billion, accounted for 88.31% of overall expenditures. Relative to projections, recurrent expenditure was $1.05 billion (2.2%) less than budgeted. Of the recurrent expenditure categories for the review period, all categories with the exception of ‘Compensation of Employees’, ‘Employee Contribution’ and ‘Wages & Salaries’ were below the budgeted amount. ‘Programmes’ which amounted to $14.46 billion, was $146.6 million or 1% less than projected. ‘Compensation of Employees’ which amounted to $18.39 billion was $219.2 million or 1.2% more than projected, ‘Employee Contribution’ totalled $1.09 billion, 2.7% more than the budgeted amount of $1.06 billion. While ‘Wages & Salaries’ amounted to $17.30 billion and was $17.11 billion or 1.1% more than projected.

As a result of the increase in Revenue & Grants for the period April 2019, the ‘Fiscal Deficit’ was $6.02 billion, relative to a projected deficit of $7.31 billion. Additionally, the primary balance for the period amounted to $7.16 billion, 2.5% 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 April 2019, this amounted to $7.16 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 April 2019 was $41.35 billion.

 

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2019-06-05T17:04:05+00:00