By Durrant Pate/ Contributor

Government revenue collections continue to run ahead of budget with the latest out-turn for April to August 2024 jumping $9.50 billion above projections.

Total revenue and grants for the period amounted to $369 billion, representing an increase of approximately 6.2 per cent relative to the $347.36 billion recorded for the corresponding period in 2023. ‘Capital Revenue’ recorded nil as per the budgeted amount. 

However, ‘Bauxite Levy’ recorded nil relative to the budgeted amount of $239.60 million. Conversely, ‘Grants’ closed the period at $3.49 billion. This is $1.15 billion more than the budgeted amount. 

‘Tax Revenue’ closed at $333.57 billion — $2.54 billion more than the budgeted amount. ‘Non-Tax Revenue’ of $31.94 billion was 23.4 per cent more than the budgeted amount. 

Expenditure side 

Total expenditure for the April to August 2024 period ran below budget, amounting to $426.11 billion This was $946.5 million less than the budgeted amount of $427.05 billion. 

Recurrent expenditure, which totalled $403.57 billion, accounted for 95 per cent of overall expenditures. Under the recurrent expenditure categories for the review period, all categories excluding programmes, wages and salaries, and interest were below the budgeted amount.

‘Programmes’, which amounted to $144.30 billion, is J$1.10 billion above the budgeted amount. ‘Wages & Salaries,’ which totalled $174.67 billion, exceeded the budgeted amount by $1.51 billion. 

‘Employee Contribution’, which closed on $10.06 billion is 14.9 per cent lower than the budgeted amount. ‘Compensation of Employees’ totalled $184.73 billion, falling below the budgeted amount by $254.3 million. 

‘Interest’, which amounted to $74.54 billion, is running 0.3 per cent above the budgeted amount. The ‘Fiscal Deficit’ closed at $57.11 billion, relative to a ‘Projected Deficit’ of J$67.55 billion. 

Additionally, the ‘Primary Surplus Balance’ for the period amounted to $17.43 billion, relative to the ‘Budgeted Primary Deficit Balance’ of $6.80 billion.