For the period of April 2017 to September 2017, the GOJ reported Total Revenues & Grants of $262.11 billion, $14.69 billion more than the government’s projection. Furthermore, year over year, this represents an increase of approximately 11.4% relative to the $235.31 billion recorded for the corresponding period in 2016. ‘Tax Revenue,’ ‘Non-Tax Revenue,’ ‘Capital Revenue’ and ‘Grants’ outperformed projections while ‘Bauxite Levy’ underperformed projections during the review period. ‘Tax Revenues’ amounted to $237.63 billion, $13.31 billion more than budgeted, ‘Non-Tax Revenue’ of $21.03 billion was reported; $483.70 million more than budgeted. ‘Grants’ totaled $2.67 billion, $567.70 million or 27% more than budgeted. In addition, “Bauxite Levy” closed at $127.5 million, relative to the budgeted figure of $131.0 million, while ‘Capital Revenues’ outperformed projections by $338.60 million to total $652.7 million.
Expenditures
Total Expenditure for the period April to October 2017 amounted to $315.36 billion, $7.23 billion or 2.2% less than the budgeted $322.60 billion. Recurrent expenditure which totaled $292.27 billion, accounted for 92.7% of overall expenditures. Relative to projections, recurrent expenditure was $7.06 billion (2.4%) less than budgeted. Of the recurrent expenditure categories over the review period, ‘Compensation of Employees’ came in below budget by $4.26 billion, totaling $110.22 billion relative to a budget of $114.47 billion. ‘Employee Contribution’ which amounted to $8.73 billion, was $772.8 million more than projected, while ‘Wages and Salaries’ was below the projection by $5.03 billion to total $101.49 billion. ‘Interest’ closed the period under budget by 2.6%, amounting to $83.25 billion (2016: $85.49 billion), while ‘Programmes’ was under budget by 0.6% totaling $98.80 billion (2016: $99.33 billion). ‘Capital Expenditure’ amounted to $23.10 billion for the period and was under budget by 0.7% relative to the budgeted $23.27 billion.
As a result of the decrease in expenditures for the period April to October 2017, the ‘Fiscal Deficit’ was $17.78 billion, relative to a projected deficit of $36.80 billion. Additionally, the primary balance for the period amounted to $65.47 billion, 34.5% 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 December quarter, a primary balance of $61.0 billion is estimated. As at October 2017, this amounted to $65.47 billion. Tax Revenue was expected to total an estimated $330.0 billion by the end of the December quarter, as at October 2017, tax revenue was booked at $271.86 billion.
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