Fiscal Summary August 2015

Ministry of Finance, Financial Complex, Saint George’s
  1. For the month of August 2015, Government realized an overall surplus of $1.1 million with total revenues & grants amounting to $52.9 million versus total expenditure (recurrent & capital) of $51.8 million.
  2. Revenue collection for the month of August was less than targeted (receipts of $42.8 million as against projections $47.5M) on account of lower than expected CBI receipts. Of the $10.1 million budgeted in CBI fees, only $1.1M was received in August. That said both Customs & Excise and IRD exceeded their targets for the month of August. Total revenues collected in August 2015 were 12.3 per cent or $4.7 million higher than collections in August of 2014.
  3. Grant receipts, particularly NTF grants, have not picked up as expected. Grant receipts in August amounted to $10.1M as against target of $19.5M.
  4. Current expenditure was broadly in line with target (actual spending of $35.4 million as against target of $38.1 million (a favourable variance of $2.7 million). The level of current spending in August 2015 was $0.5 million less than the amount spent in August of last year.
  5. Capital expenditure amounted to EC$16.4 million. This level of spending was lower than the $25.9 million projected as a result of the underperformance of NTF grant receipts.

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