Expenditure amounted to J$236.41 billion

Durrant Pate/Contributor

For the period of April to July 2022, Government of Jamaica revenues and grants were running J$21.66 billion above projection with collections amounting to J$236.10 billion.

This represents an increase of approximately 4.7 per cent relative to the J$225.53 billion recorded for the corresponding period in 2021. ‘Grants’ and ‘Capital Revenue’ underperformed projections during the review period.

Grants closed the period at J$1.32 billion, which is J$217.30 million less than the budgeted amount. ‘Capital Revenue’ recorded nil relative to the budgeted amount of J$72.5 million.

Conversely, ‘Tax Revenue’ closed the period at J$218.89 billion, which is J$18.68 billion more than the budgeted amount. ‘Non-Tax Revenue’ of J$15.49 billion was collected, which is 26.7 per cent higher than the budgeted amount.

Expenditures running slightly behind projection

‘Bauxite Levy’ amounted to J$404.50 million during the review period, which is J$0.6 million more than the budgeted amount. Total Expenditure for April to July 2022 amounted to J$236.41 billion, which is J$1.35 billion less than the budgeted amount of J$237.75 billion.

Recurrent expenditure, which totalled J$219.96 billion, accounted for 93 per cent of overall expenditures. Under the recurrent expenditure categories for the review period, the category above the budgeted amount was ‘Interest’, which came out at J$45.01 billion and is J$656.0 million above the budgeted amount.

The categories below the budgeted amount included ‘Programmes,’ which amounted to J$86.05 billion which is J$563.40 million or 0.7 per cent less than budgeted. Similarly, ‘Employee Contribution’ totalled J$5.98 billion, which is J$642.90 million below the budgeted amount of J$6.63 billion.

‘Compensation of Employees’ saw J$88.90 billion paid out, which is 0.8 per cent less than budgeted. Lastly ‘Wages and Salaries’ came out at J$82.92 billion, 0.1 per cent below the budgeted amount of J$82.99 billion.

The ‘Fiscal Deficit’ was J$301 million, relative to a ‘Projected Deficit’ of J$23.31 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to J$44.71 billion, relative to the ‘Budgeted Primary Surplus Balance’ of J$21.05 billion.