Durrant Pate/ Contributor
For the 12-month period between April to February 2024, the Government of Jamaica (GOJ) revenues were ahead of projection, totalling J$794.08 billion, which is J$6.93 billion more than programmed.
This represents an increase of approximately 13.5% relative to the J$699.53 billion recorded for April 2022 to February 2023. ‘Capital Revenue’ recorded nil in accordance with the budgeted amount.
Similarly, ‘Bauxite Levy’ amounted to J$1.80 billion during the review period, J$622.12 million more than the budgeted amount of J$1.17 billion. ‘Grants’ closed at J$7.21 billion, which is J$33.41 million less than the budgeted amount.
‘Tax Revenue’ closed the period at J$719.66 billion, which is J$3.29 billion more than the budgeted amount. ‘Non-Tax Revenue’ of J$65.42 billion was reported, which was 4.9% higher than the budgeted amount.
Expenditure details
Total expenditure for the period April 2023 to February 2024 amounted to J$838.53 billion, which is J$8.28 billion less than the budgeted amount of J$846.82 billion. Recurrent expenditure, which amounted to J$790.13 billion, accounted for 94% of overall expenditures.
All categories under Recurrent Expenditure for the review period were below the Government’s projections: ‘Programmes’ totalled J$264.83 billion (-J$3.68 billion), ‘Compensation of Employees’ totalled J$368.01 billion (-J$2.62 billion) and ‘Interest’ totalled J$157.28 billion (-J$414.60 million).
Capital Expenditure amounted to J$48.40 billion, which was J$1.56 billion below the budgeted amount. The ‘Fiscal Deficit’ was J$44.45 billion, relative to a ‘Projected Deficit’ of J$59.66 billion.
Additionally, the ‘Primary Surplus Balance’ for the period amounted to J$112.83 billion, relative to the ‘Budgeted Primary Surplus Balance’ of J$98.03 billion.
Comments