Total revenues and grants of $925.28 billion, fall below the J$1.1 trillion budgeted

Durrant Pate/ Contributor

It is now final that the budget shortfall for the just ended 2023/2024 financial year has come in at J$22.38 billion.

For the fiscal year April 2024 to March 2024, the Government of Jamaica reported total revenues and grants of J$$925.28 billion, which is J$22.38 billion less than the Government’s projection of $1.1 trillion.

This represented an increase of approximately 11.8 per cent relative to the J$827.78 billion recorded for previous fiscal year of April 2022 to March 2023.

Based on the data for the fiscal year released by the Ministry of Finance and the Public Service, ‘Capital Revenue’ recorded nil in accordance with the budgeted amount.

However, ‘Bauxite Levy’ totalled J$1.80 billion during the review period, which is J$453 million more than the budgeted amount of J$1.34 billion.

‘Grants’ closed the period at J$8.13 billion, which is J$576.40 million more than the budgeted amount. The data showed that ‘Tax Revenue’ closed the fiscal year at J$831.57 billion, which is J$24.80 billion less than the budgeted amount. ‘Non-Tax Revenue’ of J$83.78 billion was reported, which Is 1.7 per cent higher than the budgeted amount.

Expenditures below budget

Total expenditure for the fiscal year period April to March 2024 amounted to J$924.11 billion, which is J$14.41 billion less than the budgeted amount of J$938.52 billion.

Recurrent expenditure, which totalled J$868.25 billion, accounted for 94 per cent of overall expenditures.

All categories under recurrent expenditure for the fiscal year were below the Government’s projections, as ‘Programmes’ totalled J$292.46 billion (-3.4 per cent), ‘Compensation of Employees’ amounted to J$403.62 billion (- 0.1 per cent) while ‘Interest’ payment closed at J$172.17 billion (-0.3 per cent million).

Capital Expenditure amounted to J$55.86 billion, which Is J$3.16 billion below the budgeted amount. The ‘Fiscal Surplus’ came out at J$1.17 billion, relative to a ‘Projected Surplus’ of J$9.14 billion.

Additionally, the ‘Primary Surplus Balance’ for the fiscal year amounted to J$173.34 billion, relative to the ‘Budgeted Primary Surplus Balance’ of J$181.87 billion.