National Plan 2030
Fiscal Summary May 2015
FISCAL SUMMARY
May 2015
1.For the month of May 2015, Government realized an overall surplus of $2.9M on its operations with total revenues andgrants amounting to $51.0M versus total expenditure (recurrent & capital) of $48.1M.
2.Revenue collection for the month of May was broadly in line with target (collections of $44.6M as against target of $44.7M.) Total revenues collected in May 2015 were $2.6M higher than collections in May of 2014.
3.Grant receipts have not yet picked up with collections of $6.4M as against target of $20.2M. Grant receipts areexpected to pick up very strongly in the second half of 2015.
4.Current expenditure was well within target with actual spending of $30.1M as against target of $35.4M (afavourablevariance of $5.3M). The level of current spending in May 2015 was also significantly lower than May of last year.
5.Capital expenditure amounted to EC$18.1M given the lower than expected grant receipts. However, this level ofspending was higher than the $14.7M realized in May 2014.
REVENUE BY MAJOR TAX TYPES
|
Revenue Category (Details) |
May 2015 Actual (EC$mn) |
May 2014 Actual (EC$mn) |
Variance (EC$mn) |
|
Taxes on Income & Profits |
$9.1m |
$6.4m |
$2.7m |
|
Taxes on Property |
$2.8m |
$2.7m |
$0.1m |
|
Taxes on Goods & Services |
$9.6m |
$9.3m |
$0.3m |
|
Taxes on International Transactions |
$20.2m |
$20.3m |
$(0.1)m |
|
Non Tax Revenues |
$2.9m |
$3.3m |
$(0.4)m |
|
Total Current Revenue |
$44.6m |
$42.0m |
$2.6m |
RECURRENT EXPENDITURE BY CATEGORY
|
May 2015 (Target) EC$M |
May 2015 Actual EC$M |
May 2014 Actual EC$M |
Variance (Actual v. Target) EC$M |
|
|
Customs & Excise |
19.8 |
20.2 |
20.3 |
0.4 |
|
Inland Revenue |
21.6 |
23.4 |
20.6 |
1.8 |
|
Other |
3.3 |
1.0 |
1.1 |
(2.3) |
|
Total Revenue |
44.7 |
44.6 |
42.0 |
(0.1) |
REVENUE COLLECTION BY MAJOR DIVISIONS
|
May 2015 (Target) EC$M |
May 2015 Actual EC$M |
May 2014 Actual EC$M |
Variance (Actual v. Target) EC$M |
|
|
Personal Emoluments |
18.5 |
17.8 |
18.5 |
(0.7) |
|
Wages & Salaries |
16.3 |
15.8 |
16.5 |
(0.5) |
|
Allowances |
2.2 |
2.0 |
2.0 |
(0.2) |
|
Goods & Services |
6.4 |
4.8 |
5.3 |
(1.6) |
|
Interest Payments |
3.1 |
0.5 |
3.8 |
(2.6) |
|
Transfers & Subsidies |
7.5 |
7.0 |
6.7 |
(0.5) |
|
Total (Current Exp.) |
35.5 |
30.1 |
34.3 |
(5.4) |
Other Fiscal Summaries -