Government revenue running $15.91 billion ahead of projection
/ Our Today
administratorHowever, expenditure trailing planned budgeted spend by $11.74 billion
Durrant Pate/Contributor
The Government of Jamaica’s revenue is currently running $15.91 billion ahead of budget based on the latest out-turn from the Ministry of Finance.
Revenues closed the period April to October 2024 at $595.35 billion, well ahead of projected collection and represents an increase of approximately 20.4% relative to the $494.47 billion recorded for the same period in 2023. ‘Capital Revenue’ recorded nil in accordance with the budgeted amount.
‘Bauxite Levy’ also recorded nil relative to the budgeted amount of $388.30 million. However, ‘Grants’ closed the period under review at $4.10 billion, which is $1.18 billion more than the budgeted amount.
‘Tax Revenue’ closed on $475.70 billion, which is $4.30 billion more than the budgeted amount. ‘Non-Tax Revenue’ of $115.56 billion was recorded, which is 10.3% more than the budgeted amount.
Expenditure details
Total expenditure for the review period amounted to $591.95 billion, which is $11.74 billion below the projected spend of $603.70 billion. Recurrent expenditure, which amounted to $562.66 billion, accounted for 95% of overall expenditures.
Under the recurrent expenditure categories, all categories excluding wages and salaries and interest went below the budgeted amount. ‘Programmes’ which amounted to $201.24 billion is $6.92 billion below the projected budgeted amount.
‘Wages & Salaries’ which totalled $243.50 billion is $1.76 billion over budget while ‘Employee Contribution’ closed on $13.75 billion, which is 16.3% lower than the budgeted amount. ‘Compensation of Employees’ totalled $257.24 billion, $917.30 million below the budgeted amount.
‘Interest’ amounted to $104.17 billion, which is 1.8% above the budgeted amount. The ‘Fiscal Surplus’ closed on $3.40 billion, relative to a ‘Projected Deficit’ of $24.26 billion.
Additionally, the ‘Primary Surplus Balance’ for the period amounted to $107.57 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $78.12 billion.
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