Date: August 2, 2018
Government Operations Results for June 2018
For the period of April 2018 to June 2018, the GOJ reported Total Revenues & Grants of $140.68 billion, $596 million more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 11.8% relative to the $125.84 billion recorded for the corresponding period in 2017. ‘Tax Revenue’ and ‘Capital Revenue’ outperformed projections while ‘Non-Tax Revenues’ and ‘Grants’ underperformed projections during the review period. ‘Tax Revenue’ amounted to $128.72 billion, $4.07 billion more than budgeted while ‘Capital Revenue’ of $562.7 million was reported; $296.8 million more than budgeted. ‘Grants’ underperformed budget by $3.05 billion, amounting to $1.10 million during the review period while ‘Non-Tax Revenue’ totalled $10.31 billion, $720.2 million or 6.5% less than budgeted. Notably, no provisional amount was booked for ‘Bauxite Levy’ for the review period.
Total Expenditure for the period April 2018 to June 2018 amounted to $134.16 billion, $5.99 billion or 4.3% less than the budgeted $140.14 billion. Recurrent expenditure which totalled $121.30 billion, accounted for 90.42% of overall expenditures. Relative to projections, recurrent expenditure was $7.49 billion (5.8%) less than budgeted. Of the recurrent expenditure categories over the review period, all categories with the exception of ‘Wages & Salaries’ came in below budget. ‘Programmes’ which amounted to $45.07 billion was $3.58 billion or 7.4% less than projected while ‘Employee Contribution’ which amounted to $4.95 billion for the period was under budget by 11.4% relative to the budgeted $5.58 billion. ‘Compensation of Employees’ which amounted to $51.42 billion was $138.8 million or 0.3% less than projected, while ‘Wages & Salaries’ amounted to $46.47 billion and was $495.3 million or 1.1% more than projected.
As a result of the decrease in Expenditures for the period April 2018- June 2018, the ‘Fiscal Surplus’ was $6.52 billion, relative to a projected deficit of $57.6 billion. Additionally, the primary balance for the period amounted to $31.34 billion, 9.9% 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 $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 June 2018, this amounted to $31.34 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 June 2018 was $128.72 billion.
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