The Government’s Recurrent Revenue during January to April 2006, increased slightly by 6.1 per cent when compared to the previous year. However, the Government’s expenditure is still on the rise and marks a slight increase of 0.3 per cent compared to the same period last year.
The shortfall between recurrent revenue and total expenditure during the period under review amounted to Lm56.4 million this year, compared to a shortfall of Lm69.8 million for the first four months of 2005.
These statistics were released on Friday by the National Statistics Office (NSO).
Recurrent revenue up till the end of April 2006 amounted to Lm247.9 million, and made up 26.0 per cent of this year’s budget forecast. Compared to the first four months of 2005, this revenue represented an increase of Lm14.3 million, or 6.1 per cent. The recurrent revenue for the comparative period in 2005 amounted to Lm233.6 million, which accounted for 26.1 per cent of the actual final outturn. At the same time, total expenditure, excluding sinking funds contributions and direct loan repayments, amounted to Lm304.2 million, an increase of Lm0.8 million, or 0.3 per cent, on the Lm303.4 million expended in the same period in 2005.
The Government’s total expenditure between January and April 2006 amounted to 29.9 per cent of the approved 2006 estimate. Total expenditure for the same period in 2005 made up 31.2 per cent of the actual total expenditure for the year.
During the first four months of both 2006 and 2005, there were no proceeds from sinking funds on converted loans, no contributions to the sinking funds, and no direct loan repayments. During the January – April 2006 period, local loans amounting to Lm25.0 million were taken up, whilst the figure for the corresponding 2005 period was Lm40.0 million. There was no resort to foreign borrowing in either of the comparative periods. Furthermore, no proceeds from disposal of Government shares have been forthcoming during the period under review, as well as in the comparative period in 2005.
The increase of Lm14.3 million in recurrent revenue during the first four months of 2006, when compared to the same period last year, was registered mainly under Income Tax (+Lm4.3 million), Social Security Contributions (+Lm3.0 million), Customs and Excise (+Lm2.7 million), Licenses, Taxes and Fines (+Lm3.1 million), and Value Added Tax (+Lm4.0 million). On the other hand decreases were registered under Central Bank of Malta (-Lm4.0 million), and under Miscellaneous Receipts (-Lm1.4 million).
Recurrent expenditure this year (excluding Public Debt Servicing), amounted to Lm245.2 million, and made up 31.4 per cent of the budget estimates for 2006. This figure represents an increase of Lm3.8 million or 1.6 per cent over the recurrent expenditure for the first four months of 2005.
Personal Emoluments up to the end of April amounted to Lm62.4 million, and made up 30.4 per cent of the budget forecast (Lm205.3 million). This represents an increase this year amounting to Lm1.1 million when compared to the amount expended in the same period last year (Lm61.3 million).
In the 2006 Financial Estimates, the Special Expenditure category has been incorporated into the Operational and Maintenance category, so all comparisons under the latter category for both years include the corresponding figures of the items previously featuring under the Special Expenditure category.
Expenditure under the Operational and Maintenance category amounted to Lm12.9 million between January and April 2006, compared to Lm12.3 million for the same period last year. These figures represent an increase of Lm0.6 million or 4.9 per cent.
Expenditure under the Programmes and Initiatives category during the first four months of this year amounted to Lm148.3 million and stood at 31.5 per cent of this year’s budget estimates. Last year’s outlay under this category amounted to Lm145.0 million, thus giving rise to a net increase, in absolute terms, of Lm3.3 million, or 2.3 per cent.
The items contributing to this increase were higher payments under Retirement Pensions (+Lm3.5 million), Widows Pensions (+Lm0.5 million), Social Security State Contribution (+Lm1.1 million), Gozo Channel Public Service Obligation (+Lm0.6 million), Influenza Combating Programme (+Lm0.5 million), Support to Voluntary Organisations (+Lm0.5 million), Welfare Committee (+Lm0.9 million), and CHOGM (+Lm0.6 million). On the other hand, lower payments were registered under EU Own Resources (-Lm1.2 million), Agriculture Support Scheme (-Lm0.8 million), Food Subsidies (-Lm0.7 million), EAGGF Guarantee (-Lm1.5 million), Solid Waste Management Strategy (-Lm0.6 million), and Public Transport Association Guaranteed Earnings Agreement (-Lm0.6 million).
Outlay under the Contributions to Government Entities category during the first four months of 2006 decreased by Lm1.2 million, and amounted to Lm21.5 million. The main reasons for the net decrease under this category were less funds passed on to the Malta Environment and Planning Authority (-Lm0.4 million), Heritage Malta (-0.3 million), and
Employment and Training Corporation (-Lm0.4 million).
The interest component of the public debt servicing costs for the first four months of this year amounted to Lm27.8 million, an increase of Lm3.7 million or 15.5 per cent over the Lm24.1 million reported for the same period last year.
During the January to April 2006 period, Capital Expenditure amounted to Lm31.2 million, registering a decrease of Lm6.7 million, or 17.7 per cent, when compared to the outlay of Lm37.9 million for January – April 2005. While higher expenditure was registered under the Ministry of Finance, lower expenditures were reported under the Office of the Prime Minister (-Lm1.2 million), Justice and Home Affairs (-Lm2.9 million), Tourism and Culture (-Lm1.5 million), and Rural Affairs and the Environment (-Lm1.2 million).
The Central Government debt outstanding at the end of April amounted to Lm1,419.3 million, an increase of Lm29.9 million or 2.2 per cent on the Lm1,389.4 million outstanding at the end of April 2005. This total includes the current balance (Lm24.8 million) of Government’s assumption of debts of the ex-Malta Drydocks and of the ex-Malta Shipbuilding. The Sinking Fund investments in Government debt (Lm1.9 million) are deducted from the total outstanding balance.
This issue also includes data on the total debt guaranteed by Government. The amount of Lm303.7 million represents the outstanding balances on Government Guaranteed debt as at the end of March 2006. This figure shows an increase of Lm3.8 million in guaranteed debt since March 2005.
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