Original GoJ Fiscal target almost met

Jamaica ended the 2012-13 fiscal year with the lowest deficit in decades as the government reported a deficit of $54.6 billion for the year ending March 2013, just missing the original projection of $53 billion, as revenues came in at $344 billion while recurrent expenditure amounted to $399 billion. Revenues are $17 billion light on the original forecast of $366 billion, while expenditure that was budgeted originally at $414 billion came in $15 billion less. Savings on interest was the main factor for the reduction of expenses, as the item was down $11 billion on the originally budgeted amount.

The main areas of decline for revenues was Corporation Taxes $3 billion, PAYE $5 billion, and taxes on imported items $8 billion. For the current fiscal year government is projecting a deficit of under $10 billion coming from a combination of new taxes and a debt swap that was to have shave $17 billion off the interest bill.

Revenues on target | While revenues were off target for the fiscal year, data out of the Finance Ministry show that with the exception of December when revenues were off by more than $4 billion, the government’s original forecast for inflows were very close to target from November last year. In November, revenues were budgeted to be $29.156 billion but actual inflows came in $600 million less, January was $750 million less when government collected $29 billion, in February revenues fell $600 million short, when the intake was $31.47 billion, and for March $44 billion was pulled in instead of the $44.4 billion planned for. These numbers augur well for inflows into the system for the June quarter this year for government’s intake into their coffers. The data may also be indicating improved economic performance for the country in the first quarter this year compared to last year.

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