Date: June 4, 2018
Government Operations Results for May 2018
For the period of April 2018 to May 2018, the GOJ reported Total Revenues & Grants of $84.59 billion, $472.7 million more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 11% relative to the $76.18 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 $78.66 billion, $947 million more than budgeted while ‘Capital Revenue’ of $161.8 million was reported; $1.1 million more than budgeted. ‘Grants’ underperformed budget by $332.1 million, amounting to $808.0 million during the review period while ‘Non-Tax Revenue’ totalled $4.97 billion, $143.4 million or 2.8% less than budgeted. Notably, no provisional amount was booked for ‘Bauxite Levy’ for the review period.
Expenditures
Total Expenditure for the period April 2018 to May 2018 amounted to $87.05 billion, $517.0 million or 0.6% less than the budgeted $87.57 billion. Recurrent expenditure which totalled $81.39 billion, accounted for 93.50% of overall expenditures. Relative to projections, recurrent expenditure was $98.50 million (0.1%) more 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 $28.20 billion was $520.7 million or 1.8% less than projected while ‘Employee Contribution’ which amounted to $3.99 billion for the period was under budget by 6.6% relative to the budgeted $4.27 billion. ‘Compensation of Employees’ which amounted to $34.99 billion was $84.6 million or 0.2% more than projected, while ‘Wages & Salaries’ amounted to $31.0 billion and was $366.3 million or 1.2% more than projected.
As a result of the increase in Revenue & Grants for the period April 2018- May 2018, the ‘Fiscal Deficit’ was $2.46 billion, relative to a projected deficit of $3.45 billion. Additionally, the primary balance for the period amounted to $15.75 billion, 10.7% 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 May 2018, this amounted to $15.75 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 May 2018 was $78.66 billion.
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