For the month of June 2015, Government realized an overall surplus of $6.7M on its operations with total revenues & grants amounting to $50.7M versus total expenditure (recurrent & capital) of $44.0M.
Revenue collection for the month of June was broadly in line with target (collections of $46.1M as against target of $46.5M). Total revenues collected in June 2015 were $6.7M higher than collections in June of 2014.
Grant receipts have not yet picked up with collections of $4.5M as against target of $19.9M. Grant receipts are expected to pick up very strongly in the second half of 2015.
Current expenditure was well within target with actual spending of $33.1M as against target of $37.2M (a favourable variance of $4.1M). The level of current spending in June 2015 was also significantly lower than June of last year.
Capital expenditure amounted to EC$10.9M given the lower than expected grant receipts. This level of spending was lower than the $12.3M realized in June 2014.