Government Operations Results for June 2020
For the period of April to June 2020, the GOJ reported Total Revenues & Grants of $122.65 billion, $7.90 billion more than the Government’s projection. Furthermore, year over year, this represents a decrease of approximately 25.4% relative to the $153.85 billion recorded for the corresponding period in 2019. ‘Tax Revenue’, ‘Non-Tax Revenue’ outperformed projections during the review period, while ‘Grants’ underperformed projections during the period. ‘Tax Revenue’ amounted to $107.66 billion, $6.63 billion more than budgeted while ‘Non-tax Revenue’ of $14.30 billion was reported, $1.47 billion more than budgeted. ‘Grants’ underperformed the budget by $205.3 million, amounting to $679.40 million during the review period. Notably, no budgeted amount was booked for ‘Capital Revenue’; however the provisional amount closed the period at $10.60 million. Additionally, no provisional amount was booked for ‘Bauxite Levy’ for the review period.
Expenditures
Total Expenditure for the period April to June 2020 amounted to $148.08 billion, 1.56 billion or 1.0% less than the budgeted amount of $149.64 billion. Recurrent expenditure which totalled $135.97 billion, accounted for 88.51% of overall expenditures. Relative to projections, recurrent expenditure was $3.55 billion (2.5%) less than budgeted. Of the recurrent expenditure categories for the review period, all categories were below the budgeted amount. ‘Programmes’ amounted to $58.99 billion and was $1.29 billion or 2.1% less than budgeted. ‘Compensation of Employees’ amounted to $54.63 billion which was $1.32 billion or 2.4% less than budgeted. Similarly, ‘Wages and Salaries’ totalled $51.16 billion, 2.4% below the budgeted amount of $52.41 billion. Additionally, ‘Employee Contribution’ totalled $3.47 billion, 1.9% less than the budgeted amount of $3.54 billion.
As a result of the decrease in Expenditures for the period April to June 2020, the ‘Fiscal Deficit’ was $25.43 billion, relative to a ‘Projected Deficit’ of $34.89 billion. Additionally, the primary deficit balance for the period amounted to $3.08 billion, 73.5% less than budgeted.
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