For the period of April 2017 to June 2017, the GOJ reported Total Revenues & Grants of $125.84 billion, $7.76 billion more than the government’s projection. Furthermore, year over year, this represents an increase of approximately 9.3% relative to the $115.13 billion recorded for the corresponding period in 2016. ‘Tax Revenue,’ ‘Non-Tax Revenue’ and ‘Grants’ outperformed projections while ‘Bauxite Levy’ and ‘Capital Revenue’ under-performed projections during the review period. ‘Tax Revenues’ amounted to $117.12 billion, $5.87 billion more than budgeted, ‘Non-Tax Revenue’ of $6.90 billion was reported; $1.45 billion more than budgeted. ‘Grants’ totaled $1.44 billion, $451.3 million or 45.7% more than budgeted. In addition, “Bauxite Levy” was lower than expected, amounting to $127.5 million, relative to the budgeted figure of $131 million, while ‘Capital Revenues’ under-performed projections by $7.4 million to total $258.3 million.
Total Expenditure for the period April to June 2017 amounted to $124.24 billion, $1.5 billion or 1.2% less than the budgeted $125.74 billion. Recurrent expenditure which totaled $119.04 billion, accounted for 96% of overall expenditures. Relative to projections, recurrent expenditure was $1.5 billion (1.2%) less than budgeted. Of the recurrent expenditure categories over the review period, ‘Compensation of Employees’ came in slightly under budget totaling $47.79 billion relative to a budget of $47.56 billion. ‘Employee Contribution’ which amounted to $3.69 billion, was $100.6 million less than projected, while ‘Wages and Salaries’ was above projection by $11.7 million to total $43.79 billion. ‘Interest’ also closed the period under budget by 9.5%, while ‘Programmes’ was over budget by 4%. Capital expenditure amounted to $5.21 billion for the period and was on target.
As a result of the decrease in expenditures for the period April to June 2017, the ‘Fiscal Surplus’ was $1.60 billion, relative to a projected deficit of 7.66 billion. Additionally, the primary balance for the period amounted to $30.64 billion, 25.4% 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 $131.9 billion by the end of the 2017/2018 fiscal year. For the June quarter, a primary balance of $3.4 billion is estimated. As at June 2017, this amounted to $30.64 billion. Tax Revenue is expected to total an estimated $100 billion by the end of the June quarter, as at June 2017, tax revenue was booked at $117.12 billion.
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