Durrant Pate/Contributor

The shortfall in the Government of Jamaica (GOJ) projected revenue collections continues to widen, reaching $10.77 billion at the end of December 2024.

For the period of April to December 2024, the GOJ reported total revenues and grants of $738.56 billion, which while representing an increase of 15.3% relative to the $640.35 billion recorded for the corresponding period in 2023, is down $10.77 billion from projection. 

In fact, based on data coming out of the Ministry of Finance and the Public Service, the revenue gap is widening, having reached $7.29 billion at the end of November 2024, and is now in double digits a month later. For April to November 2024, total revenues and grants collected amounted to $657.64, instead of the projected amount of $664.93

Revenue collections for combined three quarters

‘Capital Revenue’ recorded nil in accordance with the budgeted amount also ‘Bauxite Levy’ recorded nil relative to the budgeted amount of $295.3 million. Conversely, Grants’ closed the period at $4.44 billion, which represents a projected shortfall of $459.20 million. 

‘Tax Revenue’ closed the combined three quarters (April-December 2024) at $608.30 billion, which is $6.68 billion less than the budgeted amount. ‘Non-Tax Revenue’ of $125.81 billion was reported, which was 2.6% less than the budgeted amount. 

Expenditures also behind projection

Expenditure for the period April to December 2024 amounted to $765.01 billion, representing a projected shortfall of $11.75 billion, instead of the budgeted amount of $776.75 billion. Recurrent expenditure, which totalled $728.30 billion, accounted for 95% of overall expenditures. 

Under the recurrent expenditure categories for the review period, all categories were below the budgeted amount. 

‘Programmes’ which amounted to $264.95 billion is $3.11 billion less than the budgeted amount. ‘Wages & Salaries’ which totalled $315.13 billion is $541.60 million less than the budgeted amount.

‘Employee Contribution’ totalled $17.29 billion, which is 14.1% lower than the budgeted amount. ‘Compensation of Employees’ totalled $332.41 billion, $3.37 billion below the budgeted amount. 

‘Interest’ which amounted to $130.94 billion, is 0.2% below the budgeted amount. The ‘Fiscal Deficit’ closed on $26.45 billion, relative to a ‘Projected Deficit’ of $27.42 billion. 

Additionally, the ‘Primary Surplus Balance’ for the period amounted to $104.49 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $103.73 billion.