Durrant Pate/Contributor

The Government of Jamaica (GOJ) is reporting a healthy revenue out-turn, with revenue collections running J$14.08 billion more than projections for the period of April to October 2023. 

Total revenues and grants closed the period at J$494.47 billion, which is J$14.08 billion more than projection. This represented an increase of approximately 14.8 per cent relative to the J$430.67 billion recorded for the corresponding period in 2022. 

‘Capital Revenue’ was nil in accordance with the budgeted amount. Conversely, ‘Bauxite Levy’ amounted to J$735 million, relative to the budgeted amount of J$693.90 million. Grants closed the period at J$4.41 billion, which is J$585.20 million more than the budgeted amount. 

Tax revenue amounted to J$449.85 billion, which J$8.28 billion more than the budgeted amount. Non-tax revenue of $39.47 billion was reported, which was 15.1 per cent higher than the budgeted amount.    

Expenditures also running over budget

Total expenditure for the period April to October 2023 amounted to J$529.99 billion, which is J$1.33 billion more than the budgeted amount of J$528.66 billion. Recurrent Expenditure, which totalled J$503.44 billion, accounted for 95 per cent of overall expenditures. 

The categories under recurrent expenditure for the review period that exceeded the budgeted amount were ‘Compensation of Employees’, which totalled J$240.57 billion (+J$7.95 billion) and ‘Interest’, which totalled J$97.83 billion (+J$4.31 billion). However, the ‘Programmes’ category, which totalled J$165.03 billion was below the budgeted amount by J$3.39 billion. 

Employers contribution under the compensation of employee category was also below the budgeted amount by J$669.90 million. Capital expenditure amounted to J$26.55 billion, which was J$7.54 billion below the budgeted amount.  

The ‘Fiscal Deficit’ closed on J$35.52 billion, relative to a projected deficit of J$48.27 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to J$62.32 billion, relative to the Budgeted Primary Surplus Balance of J$45.25 billion.