Collections exceeded the budgeted amount by J$52.51 billion

Durrant Pate/Contributor

For the period of April to November 2022, the Government of Jamaica (GOJ) is reporting that the total revenues and grants increased to J$491.31 billion, which is J$52.51 billion more than projected.

This represented an increase of approximately 14.9 per cent relative to the J$427.52 billion recorded for the corresponding period in 2021. ‘Capital Revenue’ and ‘Bauxite Levy’ under-performed projections. Capital Revenue’ recorded nil relative to the budgeted amount of J$268.1 million.

‘Bauxite Levy’ amounted to J$806.8 million during the review period, J$2.3 million less than the budgeted amount. Conversely, grants closed the period at J$3.43 billion, which is J$304.5 million more than the budgeted amount.

 ‘Tax Revenue’ closed the period at J$452 billion, J$45.77 billion more than the budgeted amount.  ‘Non-Tax Revenue’ of $35.08 billion was reported, which was 23.7 per cent higher than the budgeted amount.

Expenditures contained

Total expenditure for the period April to November 2022 amounted to J$471.80 billion, J$17.56 billion less than the budgeted amount of J$489.36 billion. Recurrent expenditure, which totalled J$439.09 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 totalled J$94.53 billion, J$4.77 billion above the budgeted amount. The categories below the budgeted amount included ‘Programmes’ which was J$167.54 billion, J$1.45 billion below the budgeted amount.

‘Compensation of Employees’ which amounted to J$177.01 billion which was J$16.29 billion or 8.4 per cent less than budgeted. Similarly, ‘Employee Contribution’ totaled J$11.99 billion, which was J$2.27 billion below the budgeted amount of J$14.27 billion.

Lastly ‘Wages and Salaries’ totalled J$165.02 billion, 7.8 per cent below the budgeted amount of J$179.03 billion. The ‘Fiscal Surplus’ which is the sum by which revenues are greater than spending was J$19.51 billion, relative to a ‘Projected Deficit’ of J$50.56 billion.

Additionally, the ‘Primary Surplus Balance’ which is current government spending less current income from taxes, and excludes interest paid on government debt amounted to J$114.04 billion, relative to the ‘Budgeted Primary Surplus Balance’ of J$39.2 billion.