Government Operations Results for February 2018

April 04, 2018 

For the period of April 2017 to February 2018, the GOJ reported Total Revenues & Grants of $476.14 billion, $11.05 billion more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 10.8% relative to the $429.62 billion recorded for the corresponding period in 2017. ‘Tax Revenue’, ‘Non-Tax Revenue’ and ‘Capital Revenue’ all outperformed projections while ‘Bauxite Levy’ and ‘Grants’ underperformed projections during the review period. ‘Tax Revenues’ amounted to $429.12 billion, $8.41 billion more than budgeted, ‘Non-Tax Revenue’ of $40.73 billion was reported; $2.31 billion more than budgeted. In addition, ‘Capital Revenues’ also outperformed projections by 54% or $766.8 million to total $2.19 billion, relative to the budgeted figure of $1.42 billion. On the other hand, ‘Bauxite Levy’ totalled $127.50 million, $3.50 million or 2.7% less than budgeted.  Also, ‘Grants’ closed at $3.97 billion, $430.3 million or 9.8% below the budgeted figure of $4.40 billion.

Expenditures

Total Expenditure for the period April to February 2018 amounted to $484.76 billion, $15.21 billion 3.0% less than the budgeted $499.96 billion. Recurrent expenditure which totalled $445.63 billion, accounted for 91.93% of overall expenditures. Relative to projections, recurrent expenditure was $13.64 billion (3.0%) 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 $150.08 billion was $3.52 billion or 2.3% less than projected, ‘Compensation of Employees’ which amounted to $170.16 billion was $5.09 billion or 2.9%  less than projected, while ‘Wages & Salaries’ amounted to $157.34 billion and was $5.99 billion or 3.7% less than projected. ‘Employee Contribution’ which amounted to $12.82 billion for the period was over budget by 7.5% relative to the budgeted $11.92 billion.

As a result of the decreases in expenditures for the period April to February 2018, the ‘Fiscal Deficit’ was $8.61 billion, relative to a projected deficit of $34.87 billion. Additionally, the primary balance for the period amounted to $116.78 billion, 22.2% 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 billion by the end of the 2017/2018 fiscal year. As at the end of February 2018, this amounted to $116.78 billion.  Tax Revenue is expected to total an estimated $478 billion by the end of the March quarter. The reported tax revenue for the end of February 2018 was $429.12 billion.

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2018-04-04T14:32:16+00:00